Nuscale Power Corp Q4 2024 Earnings Call Transcript

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

Question: George Gianarikas - Canaccord Genuity - Analyst : Maybe if you could just go into a little bit of detail around any potential bottlenecks, you're seeing in putting pen to paper and signing an agreement with a large data center company in the U.S.?

Question: George Gianarikas - Canaccord Genuity - Analyst : Clearly and thank you. And maybe just as one follow-up. Ramsey, can you give us a little bit more detail around the parameters or conditions met that allows you to recognize the revenue in the fourth quarter? Thank you.

Question: Esteban Albarracin - TD Cowen - Analyst : This is Esteban Albarracin on for Marc here. So you guys mentioned you had the Doosan forging of the 12 reactors. I imagine 6 of those are intended for the Romania plant. And these additional 6, those aren't yet booked by another unannounced customers, right? I think if I'm kind of getting this correctly, you're trying to really use that to front-load more of the long lead sort of items to try and compress the operation timeline of a plant for a potential customer. Is that right?

Question: Esteban Albarracin - TD Cowen - Analyst : Got it. Got it. Thank you for that. Then my other one is, so the revenue from the RoPower FEED study, is that expected to stay around this level until the study is complete later in the year? Or should we expect a deferring cadence throughout the year?

Question: Esteban Albarracin - TD Cowen - Analyst : Perfect. And if I could just squeeze one more. So on the U.S., the $800 million grant that's out there for Gen 3 reactors, is there any update you guys can give us there. You guys had a competitor that announced a few weeks ago a task force to try and push for the award. Is NuScale working for something similar to get that grind or any other developments that you guys can touch upon?

Question: Esteban Albarracin - TD Cowen - Analyst : Perfect. Thank you, guys, so much.

Question: Ryan Pfingst - B. Riley Securities - Analyst : Thanks for taking my question. As a follow-up to one of the first questions, just for your conversations with data center or other customers, could you just walk us through some of the items that you and ENTRA1 need to work through with prospective customers before being in a position to announce a project?

Question: Ryan Pfingst - B. Riley Securities - Analyst : Got it. Thanks, John, and then can you just remind us what the next steps are for the RoPower project and what milestones we should be looking for in 2025?

Question: Ryan Pfingst - B. Riley Securities - Analyst : Understood. Thanks for that.

Question: Eric Stine - Craig-Hallum Capital Group - Analyst : John and Ramsey, so maybe just on the upgrade, I mean, obviously, it sounds like quite confident, and you've stuck with that mid-2025 date for some time. Just wondering, can you detail kind of the steps that are left? Or is it just getting through the process? And then I'm just wondering, you mentioned the pipeline and clearly a strong testament and your confidence there with the 6 more modules, a long lead time materials. I mean customers waiting for this? Is this something that, with that in hand, that potentially speeds up the process of securing that first customer? How should we think about that?

Question: Eric Stine - Craig-Hallum Capital Group - Analyst : Got it. Very helpful. And then maybe last one. Just you mentioned, obviously, this huge demand for nuclear power. But there's also balancing that with taking that power from existing off-takers. So are you seeing any change to the view of traditional nuclear and restart plants that are out there? I mean we all know the handful of names that are out there, but whether it's additional plants that maybe have been mothballed for longer or expansions? I mean, is there anything out there that would indicate that, that has the potential to help this? Or do you really view that this is SMRs and SMRs alone that can really add to this?