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]

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 March 31, 2025 OR (971) 371-1592 ☐ 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 (Exact name of registrant as sp ...

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]