Front Matter [Glossary of Terms](index=4&type=section&id=Glossary%20of%20Terms) This section defines key terms and abbreviations like SMR, NPM, NRC, DOE, and Fluor, ensuring clarity for the reader - Key abbreviations defined include "**SMR**" for small modular reactor, "**NPM**" for NuScale Power Module™, and "**NRC**" for the U.S. Nuclear Regulatory Commission[14](index=14&type=chunk)[16](index=16&type=chunk) - The report defines "**Fluor**" as Fluor Enterprises, Inc., a wholly owned subsidiary of Fluor Corporation, which is a key partner and majority owner of NuScale[11](index=11&type=chunk)[37](index=37&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=5&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section cautions investors that forward-looking statements regarding future performance and financial projections are subject to risks and uncertainties, with actual results potentially differing materially - Forward-looking statements cover areas such as **financial performance**, **obtaining regulatory approvals for SMRs**, **end-customer adoption rates**, and **future capital requirements**[22](index=22&type=chunk) - The company **disclaims any obligation to update** forward-looking statements and warns that **actual results may differ materially** due to various risks and uncertainties[21](index=21&type=chunk) Part I - Financial Information [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for Q1 2023 show increased revenue to **$5.5 million** but a wider net loss of **$35.6 million**, with total assets at **$332.4 million** and total liabilities at **$85.7 million** [Condensed Consolidated Balance Sheet](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of March 31, 2023, total assets decreased to **$332.4 million** from **$348.6 million**, while total liabilities increased to **$85.7 million** from **$71.5 million** Condensed Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $218,164 | $217,685 | | Short-term investments | $0 | $50,000 | | Total current assets | $246,460 | $284,415 | | Total assets | $332,390 | $348,635 | | **Liabilities & Equity** | | | | Total current liabilities | $51,691 | $38,557 | | Warrant liabilities | $30,457 | $29,349 | | Total liabilities | $85,659 | $71,548 | | Total Stockholders' Equity | $246,731 | $277,087 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2023, revenue more than doubled to **$5.5 million**, but the loss from operations widened to **$55.5 million**, resulting in a net loss of **$35.6 million** compared to **$23.4 million** in Q1 2022 Condensed Consolidated Statements of Operations (in thousands) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Revenue | $5,505 | $2,445 | | Gross margin | $2,089 | $1,240 | | Loss from operations | ($55,472) | ($43,848) | | Net loss | ($35,610) | ($23,373) | | Loss Per Share (Basic & Diluted) | ($0.16) | N/A | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2023, net cash used in operating activities increased to **$43.1 million**, while investing activities provided **$49.6 million**, leading to an **$8.1 million** overall increase in cash and equivalents Condensed Consolidated Statements of Cash Flows Summary (in thousands) | Cash Flow Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($43,137) | ($33,151) | | Net cash provided by (used in) investing activities | $49,649 | ($1,187) | | Net cash provided by (used in) financing activities | $1,617 | ($73) | | Net increase (decrease) in cash | $8,129 | ($34,411) | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including the May 2022 reverse recapitalization, warrant classification, revenue recognition from cost-sharing agreements, significant related-party transactions with Fluor, and commitments like the DCRA with CFPP LLC - The May 2022 merger with Spring Valley is accounted for as a **reverse recapitalization**, with NuScale LLC treated as the accounting acquirer[39](index=39&type=chunk) - The company receives sponsored cost-sharing funds from the DOE, USTDA, and CFPP, which totaled **$17.9 million** in Q1 2023, down from **$20.6 million** in Q1 2022[48](index=48&type=chunk)[49](index=49&type=chunk) - Majority owner Fluor is a significant related party, accounting for **72.9%** of total revenue for the three months ended March 31, 2023[99](index=99&type=chunk) - The company has a Development Cost Reimbursement Agreement (**DCRA**) with CFPP LLC, which required it to maintain a letter of credit collateralized by **$34.2 million** in restricted cash as of March 31, 2023[101](index=101&type=chunk)[102](index=102&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the commercialization of SMR technology, including NRC certification, noting increased Q1 2023 revenue driven by the EPCDA for CFPP, but also higher operating expenses leading to a larger loss, while maintaining **$218.2 million** in cash and sufficient liquidity for the next twelve months [Overview](index=21&type=section&id=Overview) The company focuses on commercializing its 77 MWe SMR, achieving a key milestone with NRC certification on January 19, 2023, and anticipates continued operating losses until commercialization - NuScale's mission is to provide **scalable advanced nuclear technology** for electricity, heat, and clean water[105](index=105&type=chunk) - On **January 19, 2023**, the **NRC published a final rule certifying NuScale's SMR design**, which became effective 30 days later, marking a critical step toward commercialization[107](index=107&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q1 2023 revenue increased to **$5.5 million** from **$2.4 million**, primarily due to the EPCDA for CFPP, while general and administrative expenses and other expenses rose, and sponsored cost share from the DOE decreased by **$8.1 million** Results of Operations (in thousands) | Line Item | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Revenue | $5,505 | $2,445 | | Gross margin | $2,089 | $1,240 | | Loss from operations | ($55,472) | ($43,848) | | Sponsored cost share | $17,873 | $20,577 | | Loss before income taxes | ($35,610) | ($23,373) | - The increase in revenue was mainly attributable to activities supporting the Engineering, Procurement, Construction Development Agreement (**EPCDA**) for the Carbon Free Power Project (**CFPP**)[113](index=113&type=chunk) - Sponsored cost share decreased primarily due to **lower funding** and a **lower cost share percentage** from the DOE in the current year[116](index=116&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, NuScale held **$218.2 million** in cash with no debt, anticipates continued operating losses, but believes current cash is sufficient for the next twelve months, while also maintaining credit support for CFPP LLC - The company held **$218.2 million** in cash and cash equivalents as of March 31, 2023, with no debt[119](index=119&type=chunk) - Management expects **operating losses and negative cash flows to continue** and potentially increase due to development and public company costs, but believes current cash is **sufficient for the next 12 months**[120](index=120&type=chunk)[122](index=122&type=chunk) - Under an agreement with CFPP LLC, NuScale is required to maintain **credit support**, which includes **$34.2 million** in restricted cash as collateral for a letter of credit as of March 31, 2023[128](index=128&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes to the company's market risk disclosures since its 2022 Annual Report on Form 10-K - There have been **no material changes** from the market risk disclosures in the Company's 2022 Annual Report Form 10-K[131](index=131&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2023 - Based on an evaluation as of March 31, 2023, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective**[132](index=132&type=chunk) Part II - Other Information [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in legal proceedings, including a September 2022 lawsuit by former NuScale LLC members alleging breach of contract related to merger amendments, for which the company has filed a motion to dismiss and does not anticipate a probable loss - A lawsuit was filed on **September 19, 2022**, by former members of NuScale LLC claiming that amendments to the operating agreement in connection with the merger **breached the agreement**[136](index=136&type=chunk) - The company has filed a motion to dismiss the complaint and believes it is **not probable that a loss will be incurred**, so no liability has been recorded[136](index=136&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors disclosed in the company's 2022 Annual Report on Form 10-K - There have been **no material changes** from the risk factors disclosed in the 2022 Annual Report on Form 10-K[137](index=137&type=chunk) [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 not applicable for the reporting period - **Not applicable**[138](index=138&type=chunk) [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents, warrant agreements, CFPP LLC amendments, and CEO/CFO certifications - Exhibits filed include **certifications from the CEO and CFO**, as well as agreements related to the **Development Cost Reimbursement and Long Lead Material with CFPP LLC**[139](index=139&type=chunk)

Nuscale Power Corp (NYSE:SMR) Q4 2022 Earnings Conference Call March 15, 2023 5:00 PM ET Company Participants Scott Kozak - Director, Investor Relations John Hopkins - President, CEO & Director Chris Colbert - CFO Conference Call Participants Marc Bianchi - TD Cowen Operator Good afternoon, and welcome to NuScale's Fourth Quarter and Full Year 2022 Earnings Results Conference Call. Today's call is being recorded. [Operator Instructions]. A replay of today's conference will be available and accessible on NuS ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ____________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ____________ Commission file number 001-04321 ____________________________________ NuScale Power Corporation ____ ...

NuScale Power Corporation (NYSE:SMR) Q3 2022 Earnings Conference Call November 14, 2022 8:30 AM ET Company Participants Diane Hughes – Vice President of Marketing and Communications John Hopkins – President and Chief Executive Officer Chris Colbert – Chief Financial Officer Conference Call Participants Marc Bianchi – Cowen Operator Good morning, and welcome to NuScale’s 2022 Third Quarter Earnings Results Conference Call. Today’s call is being recorded. All participants are in a listen-only mode. After mana ...

| --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------------------|-----------------------------|-------| | | | | | | | | | | | November 11, 2022 | Third Quarter 2022 Results | | | | | | | | | | | | | | | | Important Notices 2 This presentation ("Presentation") and any oral statements made in connection w ith the Presentation do not constitute an offer to sell or a solicitation of an offer to buy any securities. Forward-Looking Statements Certain statements in this Presentation may constitut ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ______________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) ______________________ (State or other jurisdiction of incorporation or organization) (I.R.S. ...

Second Quarter 2022 Results August 10, 2022 NuScale Nonproprietary Copyright © 2022 NuScale Power, LLC. Important Notice • This presentation ("Presentation") and any oral statements made in connection with the Presentation do not constitute an offer to sell or solicitation to buy any securities in any jurisdiction, nor shall there be any sale of securities in any jurisdiction in which it is unlawful to make such offer or solicitation prior to the registration or qualification under the securities laws of an ...

NuScale Power Corporation (NYSE:SMR) Q2 2022 Earnings Conference Call August 10, 2022 5:00 PM ET Company Participants Diane Hughes – Vice President of Marketing and Communications John Hopkins – President and Chief Executive Officer Chris Colbert – Chief Financial Officer Conference Call Participants Marc Bianchi – Cowen Shar Pourreza – Guggenheim Partners Operator Good afternoon, and welcome to NuScale Power’s Second Quarter 2022 Earnings Results Conference Call. Today's call is being recorded. All partici ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39736 SPRING VALLEY ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 98-158858 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to SPRING VALLEY ACQUISITION CORP. (Exact name of registrant as specified in its charter) | Cayman Islands | 001-39736 | 98-1588588 | | --- | --- | ...