[Part I - Financial Information](index=6&type=section&id=Part%20I%20-%20Financial%20Information) This section presents the company's financial statements, management's analysis, market risk disclosures, and internal control assessments [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the company's consolidated financial statements, highlighting significant revenue growth, a narrowed net loss, and a strengthened liquidity position for the first quarter of 2025 Financial Metrics | Financial Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $491.4 million | $401.6 million | | Total Assets | $618.1 million | $544.7 million | | Total Liabilities | $88.6 million | $91.6 million | | Total Stockholders' Equity | $529.5 million | $453.1 million | Income Statement (in thousands) | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $13,375 | $1,379 | | Gross Margin | $7,002 | $644 | | Loss From Operations | ($35,327) | ($43,973) | | Net Loss | ($30,395) | ($48,080) | | Net Loss Attributable to Class A Common Stockholders | ($14,005) | ($16,572) | | Basic and Diluted Loss per Share | ($0.11) | ($0.21) | Cash Flow Statement (in thousands) | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | ($22,786) | ($33,489) | | Net Cash Provided by Investing Activities | $9,933 | $0 | | Net Cash Provided by Financing Activities | $102,719 | $45,214 | - The company is commercializing a **77 megawatt (gross) Small Modular Reactor (SMR)** and expects to receive Standard Design Approval (SDA) from the U.S. Nuclear Regulatory Commission (NRC) by July 2025[34](index=34&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the drivers behind the company's financial performance, including revenue growth from the RoPower project, changes in operating expenses, and the company's strong liquidity position - The increase in revenue and cost of sales was primarily due to engineering and licensing fees and services supporting the RoPower project to deploy a NuScale 6-module power plant in Romania[112](index=112&type=chunk) - Research and development expenses decreased by **$4.0 million** YoY due to cost optimization measures, while General and Administrative expenses increased by **$3.9 million** due to higher business development costs and legal/accounting fees[113](index=113&type=chunk)[114](index=114&type=chunk) - As of March 31, 2025, the company had a strong liquidity position with **$491.4 million** in cash and cash equivalents, **$30.0 million** in short-term investments, and no debt[121](index=121&type=chunk) - During Q1 2025, the company raised **$99.8 million** in net proceeds from its ATM Program by selling **4.5 million** shares of Class A common stock[120](index=120&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reported no material changes to its market risk disclosures from those presented in its 2024 Annual Report on Form 10-K - There have been no material changes from the discussion of the Company's market risk in its 2024 Annual Report on Form 10-K[132](index=132&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were ineffective due to a material weakness in internal control over financial reporting, with a remediation plan underway - The CEO and CFO concluded that as of March 31, 2025, the company's disclosure controls and procedures were not effective at a reasonable assurance level[134](index=134&type=chunk) - A material weakness was identified in the design and implementation of IT general controls and internal controls across key financial reporting processes, attributed to an insufficient complement of personnel with necessary technical accounting and IT support[137](index=137&type=chunk)[138](index=138&type=chunk) - The company has a remediation plan which includes hiring additional qualified personnel, engaging expert SOX consultants, conducting training, and implementing additional ITGCs[140](index=140&type=chunk)[142](index=142&type=chunk) [Part II - Other Information](index=25&type=section&id=Part%20II%20-%20Other%20Information) This section provides updates on legal proceedings, identifies key risk factors, and details other significant corporate developments, including strategic partnerships and exhibit filings [Item 1. Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) This section provides updates on various legal matters, including the resolution of a lawsuit, ongoing shareholder class actions, and the conclusion of an SEC inquiry without enforcement action - A lawsuit filed by former members of NuScale LLC was resolved, and the complaint was dismissed with prejudice on February 13, 2025[144](index=144&type=chunk) - Multiple shareholder class action lawsuits are pending, alleging the company made materially false or misleading statements, for which the company does not believe a loss is probable and has not recorded any liability[145](index=145&type=chunk) - On March 13, 2025, the SEC staff concluded its investigation related to the company's employment, severance, and confidentiality agreements and does not intend to recommend an enforcement action[147](index=147&type=chunk) [Item 1A. Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) This section outlines key risks, including heavy reliance on strategic partnerships and the potential impact of changes in U.S. trade policy and tariffs on component costs - The company's commercialization strategy heavily relies on its relationships with ENTRA1 (exclusive global strategic partner) and Fluor (largest stockholder), whose interests may diverge from NuScale's[149](index=149&type=chunk) - The termination of key strategic agreements could substantially hinder the company's ability to expand production and installation of its power plants[150](index=150&type=chunk) - Changes in U.S. trade policy, including tariffs, could materially impact the business by increasing costs for long-lead time components manufactured overseas[151](index=151&type=chunk)[152](index=152&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is reported as not applicable for the period - This section is marked as "Not applicable"[154](index=154&type=chunk)[155](index=155&type=chunk) [Item 5. Other Information](index=27&type=section&id=Item%205.%20Other%20Information) This section details a significant amended strategic alliance agreement with ENTRA1 and the implementation of sell-to-cover trading arrangements for employee RSU tax obligations - On May 7, 2025, NuScale LLC entered into an amended and restated Strategic Alliance Agreement with ENTRA1, making ENTRA1 its exclusive global strategic partner for **20 years**[155](index=155&type=chunk) - The company proposed sell-to-cover trading arrangements for employees, including officers, to automatically sell shares to cover tax withholding obligations upon the vesting of RSUs[157](index=157&type=chunk) [Item 6. Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section provides a comprehensive list of all exhibits filed with the report, including key agreements and required certifications - A list of exhibits filed with the report is provided, including the Strategic Alliance Agreement (Exhibit 10.1) and CEO/CFO certifications (Exhibits 31.1, 31.2, 32.1, 32.2)[160](index=160&type=chunk)

RoPower Project & Commercialization - NuScale is progressing with the RoPower project in Doicești, Romania, with ongoing site preparations after the physical decommissioning of the coal plant[9] - Phase 2 of the Front-End Engineering Design (FEED) study is underway, scheduled for completion in Q4 2025, with a potential extension into Q1 2026, aiming for a final investment decision by late Q1 or early Q2 2026[9] - NuScale anticipates Standard Design Approval (SDA) to increase power output per module from 50 MWe to 77 MWe by July 2025[12] - The company expects to have a firm customer order by the end of 2025 and has invested in long-lead materials to manufacture twelve modules[12, 18] - NuScale is positioning for commercial deployment of its first NuScale Power Module™ in 2030[12] Supply Chain & Customer Interest - NuScale is actively engaging with suppliers, including pre-bid meetings with Doosan on an Upper Reactor Pressure Vessel (URPV) fabrication proposal and issuing a Preliminary Scheduled Delivery Date (PSDD) notification to Framatome for the initial core[17] - The company executed the Neutron Monitoring System (NMS) supply agreement with Paragon[17] - NuScale is in advanced dialogue with government officials and industries, including data centers, utilities, and coal plant operators transitioning to nuclear, in the U S and globally[20] - NuScale's technology can support commercial-scale industrial applications requiring over 200 metric tons of hydrogen per day and produce ~150 million gallons of clean water per day through reverse osmosis with one NuScale Power Module™[24] Financials - NuScale's revenue for Q1 2025 was $13.4 million[25] - The company's liquidity as of March 31, 2025, was $491.4 million[25] - Operating expenses have remained relatively flat since the beginning of 2024, with Q1 2025 operating expenses at $42.3 million[27]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 8-K __________________________________ CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 12, 2025 NuScale Power Corporation (Exact name of registrant as specified in its charter) Delaware 001-39736 98-1588588 (Address of principal executive offices) (Zip Code) (971) 371-1592 (Registrant's telephone number, in ...

Industry Overview - The Trump administration aims to accelerate the deployment of nuclear reactors in the U.S., reflecting a global shift in sentiment towards nuclear energy, especially after the Fukushima disaster in 2011 [1] - The International Atomic Energy Agency projects nuclear production capacity to increase 2.5 times by 2050, from 372 gigawatt-electric (GWe) in 2023 to 950 GWe by 2050, necessitating new reactors to achieve this growth [2] Company Analysis: Constellation Energy - Constellation Energy is the largest producer of carbon-free electricity in the U.S., focusing on nuclear power, which provides a stable electricity source unaffected by weather [4] - The demand for energy from data centers, particularly from tech companies like Microsoft, has enhanced Constellation's market position, with a power purchase agreement to supply nuclear energy for data centers [5] - Constellation's extensive nuclear plant operations and renewable energy focus position it favorably for future growth [6] Company Analysis: Cameco - Cameco is one of the largest uranium producers, operating mines in Canada and involved in the nuclear fuel cycle, which includes uranium conversion and enrichment [7] - The rising global demand for nuclear energy positions Cameco to benefit from increasing uranium prices and new reactor constructions, supported by long-term contracts with utility companies [8][9] - Cameco has significant uranium deposits in Saskatchewan and Australia, allowing for expansion as nuclear energy demand grows [9] Company Analysis: NuScale Power - NuScale Power specializes in small modular reactors (SMRs), which are designed for efficiency, safety, and scalability, making them suitable for decentralized power generation [10][11] - The company holds a first-mover advantage in the SMR market, with its 50 MWe SMR being the first approved by the U.S. Nuclear Regulatory Commission, and plans to upsize to 77 MWe [12] - NuScale is developing an SMR power station in Romania, targeting a launch date of 2029, making it a long-term investment opportunity for aggressive investors [13]

Google made several headlines related to artificial intelligence (AI) this week. And, despite the stock’s performance, not all were negative.  Of course, the news of search losing preference to AI chatbots like ChatGPT amongst iPhone users grabbed the top story, and the Department of Justice continues to look into antitrust measures against the company’s ad tech business. However, the Alphabet Inc. NASDAQ: GOOGL subsidiary continues to spend heavily on AI infrastructure and recently entered an agreement wit ...

Core Viewpoint - NuScale Power is positioned as a leading small modular reactor (SMR) technology provider, with a focus on commercialization and strategic partnerships to meet the growing demand for clean energy solutions [1][3][4]. Financial Performance - In the fourth quarter of 2024, NuScale Power reported revenues of $34.2 million and a net loss of $180.3 million [1]. - Year-to-date, SMR shares have decreased by 7.4%, which is better than the declines of 9.1% in the Zacks Computer & Technology sector and 9.5% in the Zacks Electric Power Generation industry [1]. Strategic Initiatives - The company is benefiting from strong demand for clean energy, particularly for AI-supported data centers, which is expected to drive its first-quarter performance [3]. - NuScale Power's collaboration with ENTRA1 Energy is focused on a commercial model that addresses scalability, availability, and reliability, which is crucial for SMR deployments [4]. - A supply chain has been established, including a partnership with Doosan Enerbility, to ensure manufacturing readiness for the first six NRC-approved SMR modules [5]. Manufacturing and Production - NuScale, along with Doosan and ENTRA1, has begun securing long-lead materials for six additional modules to support customer interest in 12-module configurations, which is expected to reduce lead times and meet growing demand [6]. - The transition from a research and development-focused organization to one pursuing commercialization is anticipated to have lowered operating expenses in the upcoming quarter [7].

Group 1: Company Overview - NuScale Power is an emerging player in the nuclear power industry, focusing on small modular reactors (SMRs) that are smaller, safer, and can be manufactured in a factory setting, thereby reducing costs [2][4] - The company holds the distinction of being the only SMR technology with U.S. Nuclear Regulatory Commission (NRC) design certification, giving it a competitive edge [4] Group 2: Commercialization and Market Potential - NuScale is working towards the commercialization of its product, with significant progress made and an agreement in principle with RoPower to provide six SMRs for a 462-megawatt nuclear power plant [6][8] - The successful deployment of its first reactor could lead to increased demand and a backlog of orders, significantly impacting the company's valuation on Wall Street [9] Group 3: Upcoming Milestones - Key updates to watch for include the progress on the first six reactors and the approval process for a larger reactor model in the U.S. [7] - The final decision from RoPower regarding the capital investment for the nuclear power plant is anticipated to be a pivotal moment for NuScale, marking its first official sale [8]

Core Insights - NuScale Power, a small modular reactor developer, experienced a significant price increase of 5.5 times in 2024, but has faced a 7% decline in 2025, indicating a challenging market environment [2]. Company Performance - The stock price of NuScale Power (NYSE: SMR) rose dramatically in 2024 but has struggled in 2025 with a notable decline [2]. Analyst Background - The analysis is led by Manika Premsingh, who has over 20 years of experience in investment management, stock broking, and investment banking, indicating a strong expertise in the field [2].

Small modular reactors, or SMRs, address all three issues. Because they are smaller and built in a factory setting, SMRs are cheaper to build and can be built quickly. The economies of scale and construction efficiencies that can be created with SMRs are virtually unattainable in the one-off construction projects that produce large-scale nuclear reactors. As for safety, SMRs are, again, smaller and thus less risky. But they also make use of the most modern safety protocols. They are an elegant solution. Sha ...

NuScale Power (SMR -2.20%) is not an investment for the faint of heart. Indeed, it is losing money today and will probably continue to do so for at least another few years. But if you can handle a little risk, this nuclear power start-up is extremely attractive.Here are three of the primary reasons why more aggressive investors might not want to wait until some future tomorrow to jump aboard NuScale Power.1. NuScale Power could be in the sweet spot for nuclear powerBuilding a traditional nuclear power plant ...