Core Insights - The global clean energy sector is evolving, with nuclear energy stocks like Oklo Inc. and NuScale Power gaining attention due to rising government support and investment in small modular and advanced nuclear technologies [1][2] Summary of Oklo Inc. (OKLO) - Recent Achievements: Oklo signed a Memorandum of Understanding with Korea Hydro & Nuclear Power to support the development of its Aurora powerhouse and completed borehole drilling for site characterization at Idaho National Laboratory [4][5] - Financial Stability: As of Q1 2025, Oklo had cash and cash equivalents of $201 million, down from $228 million at the end of 2024, but reported no notable debt, indicating solid financial stability [7] - Challenges: Oklo has not yet started generating revenues, with its first Aurora powerhouse expected to go live in 2027, and faces high operating costs [8] Summary of NuScale Power Corporation (SMR) - Recent Achievements: NuScale reported a narrower loss per share compared to the prior year and an impressive year-over-year revenue growth of 857.1%, being the only small modular reactor company with U.S. Nuclear Regulatory Commission design approval [9][10] - Financial Stability: As of Q1 2025, NuScale had cash and cash equivalents of $527 million, up from $447 million at the end of 2024, and reported no notable debt, indicating strong financial stability [11] - Challenges: NuScale has yet to secure a firm commercial order but expects its first order this year, while also facing industry-wide challenges [12] Earnings Per Share (EPS) Estimates - Oklo's 2025 EPS estimate is a loss of 42 cents, an improvement from a loss of 74 cents the previous year, with estimates trending upward [13] - NuScale's 2025 EPS estimate is a loss of 41 cents, a deterioration from earnings of 42 cents the previous year, with estimates remaining constant [14] Stock Performance and Valuation - Over the past three months, SMR has outperformed OKLO with a 128.9% increase compared to OKLO's 88%, but OKLO has shown a 437.4% increase over the past year compared to SMR's 306.1% [17] - SMR's valuation is more attractive, with a trailing 12-month Price/Book ratio of 18.97X compared to OKLO's 28.55X [18] Investment Recommendation - NuScale is currently viewed as the more attractive investment opportunity due to its revenue generation, stronger cash position, and favorable valuation compared to Oklo, which is still in the pre-revenue stage [19][20]

Core Viewpoint - Nuclear stocks surged following President Trump's executive orders aimed at accelerating nuclear energy development, with a focus on reducing licensing approval times and allowing construction on federal land. The article argues that investors should remain optimistic about nuclear stocks through 2025 due to increasing demand and supportive government policies [1]. Group 1: Demand Drivers - The demand for electricity from AI data centers is increasing, putting pressure on traditional power sources. Nuclear power is positioned to alleviate this strain, with major tech companies like Google and Microsoft entering agreements to develop nuclear energy sources [2]. - The International Energy Agency forecasts record nuclear output by 2025, with tech firms expected to add 30 gigawatts of nuclear power to the grid over the next decade, presenting significant opportunities for energy investors [2]. Group 2: Regulatory and Policy Support - The global push for nuclear energy is gaining momentum, with numerous countries aiming to adopt clean, sustainable energy sources. The United Nations' COP28 conference set a goal to eliminate fossil fuels by 2050, which includes tripling nuclear energy output [3]. - Countries such as South Korea, China, and the U.K. are implementing individual policies to boost nuclear production, further enhancing the regulatory landscape for nuclear energy [3]. Group 3: Technological Advancements - The executive orders highlighted advancements in small modular reactors (SMRs), which are seen as a safer, more scalable alternative to traditional nuclear plants. SMRs can be deployed in remote areas and complement renewable energy sources, requiring less capital investment [4]. - NuScale Power, a leader in SMR technology, has seen significant stock price increases following the executive orders, indicating strong market interest in this technology [7]. Group 4: Key Nuclear Stocks - **NuScale Power**: The stock rose over 19% after the executive order announcement, benefiting from its status as the only approved SMR technology in the U.S. The company has a contract to provide two gigawatts of energy to data centers in Pennsylvania and Ohio, with a year-to-date stock increase of over 60% [7][9]. - **Cameco Corp**: As the largest uranium miner and refiner globally, Cameco's stock jumped more than 10% following the announcement. Analysts expect increasing nuclear demand to drive the stock higher, with a price target of $70.53, representing over 20% upside [11][12]. - **BWX Technologies**: This company supplies essential materials for nuclear facilities and reported $2.78 billion in annual sales. The stock has shown strong performance, with a recent earnings report indicating double-digit revenue growth [13][14].

Group 1: Company Overview - NuScale Power Corp has seen a 33% increase in stock value in 2025, significantly outperforming the S&P 500's 0.6% decline, indicating strong investor confidence in its position within the nuclear energy sector [1] - The company is a leader in developing small modular reactors (SMRs), holding the only U.S. Nuclear Regulatory Commission (NRC)-certified SMR design, which provides a competitive edge [2] - NuScale's stock performance is driven by regulatory benefits, project advancements, and favorable macro trends [2] Group 2: Market Demand and Projects - Rising electricity demand in the U.S. is fueled by the growth of data centers and the shift to electric vehicles, leading to a resurgence in nuclear energy as a reliable, carbon-free alternative [4] - NuScale is set to supply six SMRs to Romania's RoPower, creating a 462-megawatt nuclear facility, with pre-orders for long-lead-time components already underway [4] - A final investment decision from RoPower is expected later this year, which could trigger further stock movement [4] Group 3: Financial Performance - In Q1, NuScale reported revenues of $13.4 million, a significant increase from $1.4 million a year prior, and well above analyst expectations of $3.4 million [5] - The revenue growth was driven by advancements in the FEED Phase 2 Project with Fluor and a technology licensing agreement for Romania's RoPower Doicesti power plant [5] - Operating expenses decreased to $42.3 million from $44.6 million, helping to narrow the operating loss from $44 million to $35.3 million [5] Group 4: Future Prospects - NuScale anticipates NRC approval by July 2025 to increase its module capacity from 50 MWe to 77 MWe and is in discussions with up to ten prospective customers [4] - The company aims to secure a confirmed customer order before the end of the year, which could further enhance its market position [4]

Group 1: Automotive Sector - Li Auto (09863) saw a rise of over 4%, with record order volume during the May Day holiday and recent share purchases by the chairman [1] - XPeng Motors (09868) increased by over 3%, becoming the first Chinese new energy vehicle company to participate in the Milan Design Week and officially entering the Italian market [1] - The rare earth sector surged, with Jinli Permanent Magnet (06680) rising over 5% due to export controls leading to increased overseas rare earth prices [1] Group 2: E-commerce and Health - JD Group (09618) rose over 4%, reporting Q1 revenue of 301.1 billion yuan, a 15.8% year-on-year increase, and a net profit of 10.89 billion yuan, up 52.73% [2] - JD Health (06618) increased over 4%, with revenue of 16.645 billion yuan, a 25.5% year-on-year growth, and operating profit of 1.071 billion yuan, up 119.8% [2] Group 3: Music and Entertainment - Tencent Music (01698) rose over 12%, reporting total revenue of 7.36 billion yuan and adjusted net profit of 2.23 billion yuan, with online music service revenue growing by 15.9% [2] - NetEase Cloud Music (09899) increased over 11%, with analysts noting a positive growth phase in the online music industry due to improved competition and user willingness to pay [3] Group 4: Technology and AI - Baidu Group (09888) rose over 3%, planning to launch its Apollo Go autonomous taxi service in Switzerland and Turkey [3] - NuScale Power (SMR.US) reported quarterly sales of 13.4 million, significantly exceeding analyst expectations, leading to a rise of over 21% [6] Group 5: Shipping and Logistics - Shipping stocks collectively strengthened, with Pacific Shipping (02343) and Seaspan (01308) rising over 6%, and China Merchants Energy (02866) increasing over 12% [4]

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]