Core Insights - NuScale Power Corporation experienced a 1.2% increase in share price after releasing its first-quarter 2025 results, which showed a narrower loss and increased revenues [1] Financial Performance - The company reported an adjusted loss per share of 11 cents, an improvement from a loss of 21 cents in the same quarter last year [3] - Revenues for the quarter reached $13.4 million, a significant increase of 857% compared to $1.4 million in the prior-year quarter, driven by contributions from the FEED Phase 2 project and a Technology License Agreement related to the RoPower Doicesti power plant [3] - Operating expenses decreased by 5.2% year over year to $42.3 million, primarily due to lower research and development costs, although this was partially offset by higher general and administrative expenses [4] - The loss from operations was reported at $35.3 million, down from $44 million in the year-ago quarter, attributed to higher gross margins and lower operating expenses [4] Cash Position and Investments - As of March 31, 2025, NuScale Power had cash and cash equivalents of $491.6 million, an increase from $401.6 million as of December 31, 2024 [5] - Short-term investments decreased to $30 million from $40 million at the end of 2024 [5] - The company raised $102.4 million in gross proceeds by selling 4.5 million shares through the At-The-Market program during the quarter [5] Strategic Developments - NuScale continues to solidify its position as the first and only small modular reactor provider to receive NRC design approval, with 12 modules currently in the manufacturing process [2] - The company is in advanced discussions with multiple potential customers, including governments and energy companies, to meet its 2030 delivery target [2]

Core Viewpoint - NuScale Power's stock has rebounded significantly following a correction, driven by positive developments in supply chain and project advancements, with a target for its first firm nuclear technology order by year-end [1][2]. Group 1: Business Developments - The Flour Phase 2 project is progressing, expected to replace a coal-fired power plant with a VOYGR-6 power plant, which integrates six NuScale power modules [2]. - Anticipated design upgrades will enhance power output and efficiency, making the units more appealing to clients in power-intensive industries [3]. - Revenue surged by triple digits in Q1, primarily due to the FLOUR Doicestei power project, although the $13.4 million revenue is lower than future expectations [9]. Group 2: Financial Position - The company has a well-capitalized balance sheet, with sufficient cash to sustain operations for nearly 15 quarters at the current burn rate [10]. - The dilutive impact from share sales is minor, approximately 5.6% diluted year-over-year, indicating that additional sales may not be necessary [10]. Group 3: Market Sentiment - Short interest in NuScale Power is historically elevated, with potential for a short squeeze following the Q1 updates [4]. - Analysts rate the stock as a Moderate Buy, with institutional ownership nearing 80%, indicating bullish sentiment [5]. - The stock price is currently testing a critical resistance point near $19, with potential market corrections anticipated [6][7].

Financial Data and Key Metrics Changes - NuScale reported revenue of $13.4 million for Q1 2025, a significant increase from $1.4 million in the same period last year, driven by fees from engineering and licensing work related to the Row Power project [20] - Operating expenses decreased to $42.3 million in Q1 2025 from $44.6 million in the prior year, and are significantly lower than the average of $69.9 million per quarter in 2023, indicating improved operational efficiency [20] Business Line Data and Key Metrics Changes - The Row Power project in Romania is progressing well, with a Class three estimate expected to be delivered by fall 2025, which will facilitate the submission of a final investment decision application to the Romanian government by early Q2 2026 [7][9] - NuScale is the only near-term deployable Small Modular Reactor (SMR) company, having achieved U.S. Nuclear Regulatory Commission (NRC) design approval, which positions it ahead of competitors still in the demonstration phase [8][9] Market Data and Key Metrics Changes - NuScale is engaged in discussions with potential customers in the U.S. and internationally, including data centers, utilities, and energy companies, with approximately 10 advanced customer discussions ongoing [12][14] - The company is also exploring applications for carbon-free hydrogen production, which has garnered significant interest from major industrial players [15] Company Strategy and Development Direction - NuScale aims to solidify its leadership in the SMR market by enhancing manufacturing and supply chain readiness, with a target delivery date for its first power module set for 2030 [6][11] - The company is focused on securing long-term power purchase agreements with customers, moving beyond preliminary discussions to finalize contracts [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for clean, reliable energy and the company's ability to meet this demand through its advanced SMR technology [17] - The management is closely monitoring the impact of tariffs on operations but does not anticipate any material effects at this time [16] Other Important Information - NuScale's liquidity improved, with cash and cash equivalents totaling $491.4 million and short-term investments of $30 million, primarily due to the successful sale of shares [19] - The company is actively investing in its supply chain and manufacturing readiness to support anticipated customer orders [19][40] Q&A Session Summary Question: Definition of a firm customer order by the end of 2025 - Management clarified that a firm customer order refers to customers reaching a final investment decision and that they are currently negotiating term sheets with several customers [24][26] Question: Streamlining the licensing process - Management acknowledged ongoing discussions with the NRC and expressed optimism about potential streamlining, while emphasizing the importance of maintaining safety standards [30][32] Question: Timeline for module delivery after booking an order - Management indicated that once a contract is signed, they expect to receive cash flow immediately and anticipate that 25% of module costs would be received in the first year [40] Question: Customer discussions and market segments - Management confirmed that customer discussions include coal plant replacements, process companies, and AI-related projects, indicating a diverse market approach [84] Question: Class three estimate details for Row Power - Management explained that the Class three estimate will help Row Power understand the costs to complete the project and is crucial for moving towards a final investment decision [86]

Financial Data and Key Metrics Changes - NuScale reported revenue of $13.4 million for Q1 2025, a significant increase from $1.4 million in the same period last year, driven by fees from engineering and licensing work related to the Row Power project [20] - Operating expenses decreased to $42.3 million in Q1 2025 from $44.6 million in the same period last year, and are significantly lower than the average of $69.9 million per quarter in 2023, indicating improved operational efficiency [20] Business Line Data and Key Metrics Changes - The Row Power project in Romania is progressing well, with a Class three estimate expected to be delivered by fall 2025, which will facilitate the submission of a final investment decision application to the Romanian government by early Q2 2026 [6][7] - NuScale is the only near-term deployable Small Modular Reactor (SMR) company, having achieved U.S. Nuclear Regulatory Commission (NRC) design approval, which positions it ahead of competitors still in the demonstration phase [8][9] Market Data and Key Metrics Changes - NuScale is engaged in discussions with potential customers in the U.S. and internationally, including data centers, utilities, and petrochemical companies, with approximately 10 advanced customer discussions ongoing [12][14] - The company is also exploring applications for carbon-free hydrogen production, which has garnered significant interest from major industrial players [15] Company Strategy and Development Direction - NuScale aims to solidify its leadership in the SMR market by enhancing manufacturing and supply chain readiness, with a target delivery date for its first power module set for February 2030 [6][10] - The company is focused on securing long-term power purchase agreements with customers, moving beyond preliminary discussions to finalize contracts [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for clean, reliable energy and the company's readiness to meet this demand, emphasizing the importance of nuclear technology in the energy mix [17] - The company is actively monitoring the potential impact of tariffs on operations but does not anticipate any material effects at this time [16] Other Important Information - NuScale's liquidity improved, with cash and cash equivalents totaling $491.4 million and short-term investments of $30 million, bolstered by a successful sale of shares generating $102.4 million in gross proceeds [19] - The company is committed to maintaining a strong balance sheet to support its manufacturing and supply chain efforts as it approaches commercialization [19] Q&A Session Summary Question: Definition of a firm customer order by the end of 2025 - Management clarified that a firm order means reaching a final investment decision, with ongoing negotiations and term sheet exchanges with customers [24][26] Question: Streamlining the licensing process - Management noted that while the NRC's rigor in safety cannot be compromised, there may be areas in the licensing process that could be streamlined [31][34] Question: Timeline for module delivery after booking an order - Management indicated that if an order is secured soon, modules could be delivered by 2030, with ongoing investments in long lead items to support this timeline [38][42] Question: Customer discussions and potential large tech company involvement - Management confirmed that discussions include various sectors, not limited to data centers, and that large tech companies are indeed part of the conversation [52][53] Question: Importance of light water technology in customer discussions - Management emphasized that light water technology is well understood by regulators, which enhances customer confidence in NuScale's offerings [98][102]

[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]

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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].