Nuscale Power Corp Q1 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Marc Bianchi - TD Cowen - Analyst : I was pleased to see the outlook have a firm customer order by the end of 2025. Can you talk about what that means from a -- how do you define that? Is that the customer reaching a Final Investment Decision? Is it some other intermediate threshold that needs to be crossed to fall into that category? And then, what are the events that need to unfold to get to that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 12, 2025 / 9:00PM, SMR.N - Q1 2025 Nuscale Power Corp Earnings Call

Question: Marc Bianchi - TD Cowen - Analyst : Okay. You mentioned the administration and their support for nuclear. There was some news last week about some draft executive orders from the White House to help streamline the licensing process. Can you talk about what could potentially be done that would streamline permitting? Because my understanding is that NRC is supposed to be like the Fed and White House can't be telling them what to do. But just curious what might be some low-hanging fruit to streamline the process.

Question: Sherif Elmaghrabi - BTIG - Analyst : You have long lead items in the works for a dozen or half a dozen unclaimed modules, depending on how you want to slice it. So how quickly, -- and you talked about order by the end of the year -- after booking, an order could NuScale turn around and deliver modules, if it was a US power plant?

Question: Sherif Elmaghrabi - BTIG - Analyst : Got it. That's really helpful color, actually. And then, maybe, just you've answered a couple of my questions. So just a simple one. On slide 3, when we talk about extension of Phase 2 for RoPower the first quarter of next year. What does that entail?

Question: George Gianarikas - Canaccord Genuity - Analyst : I'm curious, in terms of this form order you expect by the end of the year. You articulated a series of customer conversations that you're having; multiple shots ongoing. How likely is it that one of these customers should be a large tech company versus some of the other descriptions that you made during the call?

Question: George Gianarikas - Canaccord Genuity - Analyst : And, maybe, for a second question. You did a nice job this quarter with cash management. Cash increased sequentially. Can you just help us, again, maybe articulate what we should expect for quarterly cash burn for the foreseeable future? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 12, 2025 / 9:00PM, SMR.N - Q1 2025 Nuscale Power Corp Earnings Call

Question: Craig Shere - Tuohy Brothers Investment Research, Inc. - Analyst : Let's talk about possibly hitting the trifecta. Do you have bandwidth in your supply chain and with ENTRA1 capacity to support a couple of initial projects that could be deployed in the very early 2030s, either 212 modules or 12 and a 6? Could you swing to, back to back?

Question: Craig Shere - Tuohy Brothers Investment Research, Inc. - Analyst : Got you. And to the degree you could swing to relatively concurrent projects -- and I suppose, at least from your own financial standpoint, to the degree you're getting upfront payments, that that is doable from your perspective, maybe even with some more proactive customer support for the upfront equipment. Is it plausible to do 212 modules within COD, within a year-ish?

Question: Craig Shere - Tuohy Brothers Investment Research, Inc. - Analyst : Great. That's helpful. And my second: you only burned through less than $3 million of operating cash flow in the quarter. And you've got a fair amount of liquidity. And you seem to be indicating that you're anticipating at least one order that will turn you cash flow positive in whatever, the next two, three quarters. So what's the rationale for continuing to hit the ATM? And could we assume that that may slow or cease in the near future?

Question: Craig Shere - Tuohy Brothers Investment Research, Inc. - Analyst : Two years, it sounds like -- in answer to George's question, I think you said, like, $41 million quarterly OpEx, give or take. So it's 8 times that number -- is the minimum you want to maintain until you have a hard contract? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 12, 2025 / 9:00PM, SMR.N - Q1 2025 Nuscale Power Corp Earnings Call

Question: Ryan Pfingst - B. Riley Securities - Analyst : I appreciate all the details, so far. Just a quick one. For the 10 customer discussions that you're considering advanced, are those all around US data center-related projects? Or is there anything in there that's not data center related or not US?

Question: Ryan Pfingst - B. Riley Securities - Analyst : Got it. That's helpful. And then, just one on Romania. Can you give more detail on what goes into the Class III estimate you expect to deliver to RoPower this fall and what the next steps are for you and for in between that and FID?

Question: Eric Stine - Craig Hallum - Analyst : So many of my questions obviously answered a lot of detail on the call. But what I keep thinking about, obviously, this has been really important, as you've gone through the regulatory process and everything that you have accomplished over many years. But I'm just curious of the importance of light water technology, rather than some of the other advanced reactors and technologies that don't have the operating history of what yours is based on; how that has played in discussions with customers. Clearly, even in the last two months, right, your tone is different, it seems. It seems like some of these opportunities have accelerated. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 12, 2025 / 9:00PM, SMR.N - Q1 2025 Nuscale Power Corp Earnings Call And I know part of it is obviously what you're doing in the supply chain. That's key. But just curious how the basis, being light water reactor technology plays, into all of it.

Question: Eric Stine - Craig Hallum - Analyst : No. Absolutely. And curious, also, just -- it seemed like, for a bit of time, the fact that you were ahead and that you were, as you said, you can be -- I'm forgetting the exact term you used -- deployable, right, in the near term. But that might have been something that -- I don't want to say, scared counterparties. But it's like if they're going to talk with you about something, they better be prepared to move forward. So just -- obviously, the urgency in some of these applications is what's pushing people to be the first. And as Ramsey said, many seconds to follow. So I don't even know if that was a question -- anyways, thanks a lot.