Financial Data and Key Metrics Changes - NuScale's overall liquidity increased to $753.8 million as of September 30, 2025, compared to $489.9 million at June 30, 2025, driven by the sale of 13.2 million Class A shares generating $475.2 million in gross proceeds [16] - Revenue for the quarter ended September 30, 2025, was $8.2 million, a significant increase from $500,000 during the same period in the prior year, primarily due to fees received for services related to the RoPower project in Florida [16] Business Line Data and Key Metrics Changes - The partnership with Inter One and TVA aims to deploy up to 6 gigawatts of new nuclear capacity using NuScale technology, marking the largest SMR deployment program in U.S. history [5][6] - The PMA with Inter One includes milestone-based payments to accelerate commercialization, with the first milestone payment of $148.5 million triggered by the TVA agreement [10][16] Market Data and Key Metrics Changes - The demand for reliable, always-on electricity is increasing, particularly in sectors like data centers, AI, advanced manufacturing, and national defense, which NuScale aims to serve with its SMR technology [14][15] - The U.S. government announced a mobilization of up to $550 billion in investments to expand energy infrastructure, with Inter One positioned to receive up to $25 billion for developing a fleet of power plants [6][7] Company Strategy and Development Direction - NuScale is focused on accelerating the commercialization of its SMR technology through strategic partnerships, particularly with Inter One, which is seen as a key player in the energy transition [8][9] - The company aims to leverage its unique position as the only NRC-approved SMR technology provider to meet growing energy demands while supporting U.S. energy independence [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong pipeline of potential off-takers for NuScale's technology and the favorable regulatory environment for nuclear energy [4][8] - The company anticipates the first Inter One energy plant to deliver power to TVA as early as 2030, with additional plants phased in as demand grows [7][15] Other Important Information - NuScale is working with Fluor on the RoPower project in Romania, which is expected to generate revenue and positive cash flow as it progresses towards a final investment decision in late 2026 or early 2027 [12][13] - The PMA with Inter One is designed to be a repeatable and scalable model for future projects, both in the U.S. and globally [10][11] Q&A Session Summary Question: Impact of Doosan's agreement on supply chain - Management confirmed that Doosan has the capacity to produce 20 NuScale power modules per year and is focused on NuScale modules [20][21] Question: Details on the U.S.-Japan agreement - The agreement highlights NuScale's strategic importance and support from Japan, positioning the company favorably in the energy sector [22][24] Question: Clarification on TVA agreement - Management clarified that the TVA agreement is a critical step towards a firm agreement, with ongoing efforts to finalize PPAs [28][29] Question: Fluor's commitment and monetization agreement - Management explained that the monetization agreement with Fluor reflects a natural maturation of their investment and does not indicate a loss of support [34][36] Question: Gating factors for Inter One site evaluation - Management noted that TVA has several sites with prior approvals, which aligns with their strategy to focus on tier one sites [41][42] Question: Confidence in binding agreement with TVA - Management expressed confidence in moving forward with TVA and indicated that other agreements may also be forthcoming [58][59] Question: Operational capabilities of Inter One - Management emphasized that Inter One has extensive experience in large-scale energy projects and will hire experienced EPC companies for construction [47][49] Question: Safeguards for substantial payments to Inter One - Management assured that payments made will roll into other projects if the TVA deal does not materialize, protecting their interests [112][113]

Core Viewpoint - NuScale Power Corp. reported disappointing third-quarter earnings, missing analyst expectations for both losses per share and revenue, leading to a decline in stock price [1][2]. Financial Performance - The company reported quarterly losses of $1.85 per share, which was significantly worse than the Street estimate of a loss of 15 cents, indicating a larger-than-expected financial setback [2]. - Quarterly revenue was reported at $8.24 million, falling short of the consensus estimate of $11.06 million by 25%, highlighting challenges in revenue generation [2]. Strategic Developments - NuScale's technology was selected for ENTRA1's agreement with the Tennessee Valley Authority, marking a significant milestone as the largest Small Modular Reactor (SMR) deployment program in U.S. history, which could provide future growth opportunities [3]. Stock Performance - Following the earnings report, NuScale's stock price decreased by 1.66%, trading at $31.92 in extended trading, reflecting investor reaction to the disappointing financial results [3].

Revenue and Income - Revenue for the three months ended September 30, 2025, increased by $7.8 million to $8.2 million compared to $0.5 million in the same period of 2024, primarily due to engineering services for RoPower's power plant deployment in Romania [144]. - Revenue for the nine months ended September 30, 2025, increased by $26.9 million to $29.7 million compared to $2.8 million in the same period of 2024, attributed to engineering and licensing fees [150]. - Investment income increased by $3.8 million to $5.8 million for the three months ended September 30, 2025, due to a stronger cash position and higher investments [149]. - Investment income for the nine months ended September 30, 2025, increased by $11.1 million to $16.4 million compared to $5.3 million in the same period of 2024 [157]. Expenses - Cost of sales for the three months ended September 30, 2025, increased by $5.2 million to $5.5 million compared to $0.3 million in the same period of 2024, driven by engineering services related to the same project [144]. - General and administrative expenses surged by $502.2 million to $519.2 million for the three months ended September 30, 2025, mainly due to the recognition of a $495.0 million milestone contribution [146]. - General and administrative expenses rose by $511.8 million to $565.0 million for the nine months ended September 30, 2025, primarily due to the milestone contribution and increased business development costs [152]. - Research and development expenses decreased by $1.1 million to $11.1 million for the three months ended September 30, 2025, as personnel transitioned to commercial projects [145]. Net Loss and Cash Flow - Net loss for the three months ended September 30, 2025, was $532.6 million, compared to a net loss of $45.6 million in the same period of 2024 [143]. - The company has incurred significant operating losses with an accumulated deficit of $682.0 million and negative operating cash flows [159]. - For the nine months ended September 30, 2025, net cash used in operating activities was $(255,906) thousand, compared to $(82,249) thousand in 2024 [161]. Cash and Investments - As of September 30, 2025, the company had cash and cash equivalents of $407.6 million and short-term investments of $284.2 million, with no debt [159]. - The company executed a strategy to diversify its investment portfolio, resulting in net cash used in investing activities of $(306,332) thousand for the nine months ended September 30, 2025 [163]. - Net cash provided by financing activities was $568,267 thousand for the nine months ended September 30, 2025, compared to $118,417 thousand in 2024 [161]. Commitments and Obligations - The company has commitments totaling $551,867 thousand, with significant payments due in 2025 and 2026 [172]. - A liability of $346.5 million was recognized due to the achievement of criteria for triggering payment under the PMA, related to 72 NPMs [170]. - The company entered into sales and marketing agreements in January 2025, increasing its commitment by an additional $34.8 million [168]. - The company has a potential obligation of up to $7.1 million to the USTDA based on revenue earned under technical assistance grant programs [172]. Future Outlook - The company believes it has sufficient cash and access to capital markets to meet its cash requirements for the next 12 months and beyond [160].

Key Highlights - TVA and ENTRA1 announced an agreement to develop plants with up to 6 GWe of new nuclear power generation capacity powered by NuScale's SMR technology[9, 10] - The contemplated capacity of 6 GWe represents total deployment of approximately 72 NuScale Power Modules in up to 6 ENTRA1 Energy Plants in the TVA territory[11] - NuScale's work on Fluor's Phase 2 FEED study for the RoPower Doicești power plant continued to progress and generated $7.8 million in revenues in the third quarter[9] - NuScale further strengthened its cash position through an at-the-market (ATM) program which generated $475.2 million in gross proceeds in the third quarter[9] Partnership Milestones Agreement - NuScale entered into a Partnership Milestones Agreement with ENTRA1, pursuant to which NuScale has agreed to distribute to ENTRA1 a contribution amount payable for each NuScale Power Module™ anticipated to be placed in a project or power plant[12] - 15% of the contribution is earned upon execution of a term sheet, MOU, LOI, or framework agreement[13] - 35% is earned upon execution of a binding PPA, energy off-take agreement[13] - 50% is earned upon execution of an OEM agreement for the purchase of NuScale Power Modules ("NPMs")[13] Financial Updates - Cash & Cash Equivalents, Short-Term Investments, and Long-Term Investments totaled $407.6 million, $40 million, and $284.2 million respectively as of September 30, 2025[25] - Revenue for Q3 2025 was $8.2 million[27]

Financial Results - NuScale Power Corporation announced its financial results for Q3 2025, ending September 30, 2025[4]. - The press release detailing the financial results is attached as Exhibit 99.1[7]. - The report was signed by Chief Financial Officer Robert Ramsey Hamady on November 6, 2025[10]. Agreements and Partnerships - The company entered into a definitive agreement with Fluor Corporation regarding the monetization of Fluor's investment in NuScale[5]. - The joint press release with Fluor Corporation is attached as Exhibit 99.2[7].

Group 1: Company Overview - Nvidia is a leader in semiconductor architecture and has achieved a $5 trillion market cap, attracting significant investor attention [1][2] - NuScale Power is a prominent player in the nuclear energy sector, being the only small modular reactor (SMR) company with a design approved by the U.S. Nuclear Regulatory Commission, providing a competitive edge [5][6] Group 2: Financial Performance - Nvidia generated free cash flow of $60.7 billion in fiscal 2025 and $26.9 billion in fiscal 2024, showcasing its strong cash generation capabilities [7] - In contrast, NuScale Power reported revenue of only $8.1 million in the second quarter of 2025, indicating a significant disparity in financial performance [7] Group 3: Market Position and Growth Potential - NuScale Power's current market cap is $6 billion, which would require an extraordinary growth of 83,233% to match Nvidia's scale [10] - Despite the challenges, NuScale Power may still represent a valuable growth opportunity for investors interested in nuclear energy [11]

Core Insights - NuScale Power Corp (NYSE:SMR) is experiencing a price increase of 6.6%, reaching $38.01, as investors anticipate the upcoming third-quarter report, which is set to be released after market close tomorrow. The stock has shown a remarkable year-to-date increase of 111% [1] Group 1: Stock Performance - The stock has rebounded from a short-term pullback, supported by the 126-day moving average [1] - Historically, SMR tends to outperform after earnings, with six of the last eight reports resulting in significant next-day price increases, including a notable 21.6% rise in May [5] - The average earnings swing for the stock over the past two years has been 13.9%, with analysts expecting a larger-than-usual move of 19.1% for this quarter [5] Group 2: Options Activity - There is a high level of put trading activity surrounding SMR, with a 10-day put/call volume ratio of 5.24, placing it in the 92nd percentile of annual readings [3] - The stock's Schaeffer's put/call open interest ratio (SOIR) stands at 1.46, indicating a strong bearish sentiment, also in the highest percentile of annual readings [3] - If this bearish sentiment begins to reverse, it could provide additional support for the stock [3] Group 3: Short Interest - Short interest in SMR has decreased by 17% over the last two reporting periods, yet it still represents 24.5% of the stock's total available float [4] - At the current average trading pace, it would take short sellers nearly two days to cover their positions [4]

We recently published 10 Stocks Lead Wall Street Downward Spiral. NuScale Power Corp. (NYSE:SMR) is one of the worst-performing stocks on Tuesday. NuScale dropped for a second day on Tuesday, losing 12.74 percent to close at $35.63 apiece as investors sold off positions ahead of the results of its earnings performance this week. According to NuScale Power Corp. (NYSE:SMR), it will release the results of its financial and operating highlights for the third quarter of the year after market close on Thursda ...

Core Insights - NuScale Power is set to release its third-quarter 2025 results on November 6, with a consensus revenue estimate of $11.10 million, reflecting a significant increase of 2,260.6% from $0.47 million in the same quarter last year [1] - The consensus estimate for the bottom line indicates a loss per share of 11 cents, which shows improvement from a loss of 18 cents per share in the previous year [2] Financial Performance - The current consensus estimates for the upcoming quarters show a consistent loss per share of 11 cents for Q3 2025 and 12 cents for Q4 2025, with the full year loss estimated at 50 cents [3] - In the last reported results for Q2, NuScale Power reported a loss per share of 13 cents, which was wider than the consensus estimate of 12 cents [3] Market Position and Demand - NuScale Power is recognized as a global leader in small modular reactor (SMR) technology, with a focus on expanding its portfolio and being the only SMR technology approved by the U.S. Nuclear Regulatory Commission [6] - The anticipated results for Q3 2025 are expected to benefit from increased demand for clean energy and power, particularly driven by AI data centers and the global shift towards clean energy solutions [7] Strategic Partnerships - The company has made significant progress in developing its SMR technology with partners like Doosan Enerbility and ENTRA1 Energy, enhancing its market position and supply chain readiness [8] - The collaboration with ENTRA1 Energy allows NuScale to provide power modules for energy production plants, which helps mitigate risks and ensures scalable deployment of clean energy solutions [9][10] Stock Performance and Valuation - Year-to-date, NuScale Power shares have increased by 124.9%, although this is below the Zacks Electronics - Power Generation industry's growth of 137% [11] - The stock is currently trading at a forward 12-month price-to-sales (P/S) ratio of 89.34X, significantly higher than the industry average of 30.7X, indicating a stretched valuation [15][19] Competitive Landscape - NuScale Power faces increasing competition from companies like GE Vernova, BWX Technologies, and Oklo, which could impact its market share [21][22] - Despite advancements in SMR technology, the competitive energy market, including the rise of renewable energy sources, poses challenges for NuScale Power [24]

Group 1 - The nuclear supply chain, particularly uranium miners like Cameco Corporation and BWX Technologies, has shown positive performance over the past few years [1] - The analyst has extensive experience across various industries including airlines, oil, retail, mining, fintech, and e-commerce, which contributes to a comprehensive understanding of market dynamics [1] - The analyst has navigated multiple crises, including the dot-com bubble, 9/11, the great recession, and the COVID-19 pandemic, providing a robust foundation for analyzing diverse business models [1]