Core Viewpoint - NuScale Power's second-quarter earnings report disappointed investors, leading to a significant drop in stock price, indicating that the company remains a speculative long-term investment prospect [1][6]. Financial Performance - Analysts had forecasted NuScale to generate approximately $11.7 million in revenue, but the actual revenue reported was only $8.1 million, resulting in a loss of $0.13 per share [1][3]. - The company has not yet built any reactors, and thus, earnings were not expected; however, revenue was weaker than anticipated [3]. Cash Management - NuScale has consumed $56.1 million in cash during the first half of 2025, which is less than the cash burned in the same period of 2024, suggesting a potential improvement in cash management [4]. - The company ended the quarter with $489.9 million in cash, cash equivalents, and investments, which is sufficient to sustain operations for nearly five more years at the current cash-burn rate [4]. Market Reactions - Investors are selling NuScale stock due to the absence of significant new announcements in the earnings report and concerns regarding Fluor potentially flooding the market with shares after converting 15 million Class B shares into Class A shares [5]. - The overall sentiment remains that the company's success will depend on its ability to develop and market small modular reactors in the future, making the recent earnings report less impactful [6].

Core Insights - NuScale Power reported Q2 2025 results with a revenue of $8.1 million, missing analyst expectations by approximately 30.5% compared to the consensus of $11.65 million, but showing a significant year-over-year growth of over 700% from $1.0 million in Q2 2024 [1][2][5] - The company achieved a key regulatory milestone by receiving early approval for its 77-megawatt design from the U.S. Nuclear Regulatory Commission, positioning it uniquely in the market [1][7] - Despite the revenue growth, the company continues to face financial losses, with costs rising due to the shift towards commercialization and ongoing pre-commercial operating expenses [1][6][12] Financial Performance - Revenue for Q2 2025 was $8.1 million, a 710% increase year-over-year from $1.0 million in Q2 2024, but a 39.6% decrease from the previous quarter's $13.4 million [2][5] - Cost of sales increased to $6.3 million from $0.9 million a year ago, while general and administrative expenses rose to $22.5 million from $16.8 million, reflecting expanded business development activities [2][6] - The company ended the quarter with $489.9 million in cash, cash equivalents, and investments, providing a runway for two or more years at current expenditure levels [1][11] Business Model and Strategy - NuScale focuses on building small modular reactors (SMRs) that can be deployed flexibly, with its flagship product capable of delivering 77 MWe per unit [3][9] - The company aims to commercialize its technology for global, carbon-free baseload power, with key success factors including regulatory approvals and strategic partnerships [4][10] - Ongoing negotiations with about ten advanced customers in the U.S. and abroad indicate potential for future sales, particularly related to the RoPower project in Romania [8][10] Regulatory and Market Position - The early receipt of Standard Design Approval for the 77 MWe SMR design gives NuScale a competitive edge as the only SMR provider with NRC-certified technology [7] - The company is actively working on the RoPower project, which remains a primary source of near-term contracted revenue, with key engineering deliverables expected later in the year [8][10] - Management emphasizes the importance of converting customer interest into binding module orders as central to future growth [4][12]

Financial Data and Key Metrics Changes - NuScale reported revenue of $8.1 million for Q2 2025, a significant increase from $1 million in the same period last year, primarily driven by engineering and licensing fees related to the Row Power project [14] - Total liquidity and capital resources stood at $489.9 million as of June 30, 2025, reflecting a decline of $31.5 million from the previous quarter but an increase of $359 million year-over-year [13] Business Line Data and Key Metrics Changes - The increase in revenue was mainly attributed to fees from engineering and licensing work, as well as pre-commercial operational services for the Row Power project [14] - Operating expenses for Q2 2025 were $44.9 million, slightly up from $42 million in the same quarter last year, indicating a disciplined approach to cash management [14] Market Data and Key Metrics Changes - NuScale's SMR technology is gaining traction both domestically and internationally, with ongoing projects in Romania and interest from various sectors including advanced data centers and hydrogen production [10][54] - The company is positioned as the only SMR technology approved by the U.S. Nuclear Regulatory Commission, which enhances its competitive edge in the market [5][9] Company Strategy and Development Direction - NuScale aims to capitalize on the growing demand for clean baseload power, particularly for advanced data centers and industrial applications [7] - The partnership with IntraOne is crucial for project development, financing, and operation, allowing NuScale to focus on technology provision while IntraOne handles project execution [8][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding regulatory support for nuclear power, driven by recent executive orders aimed at deploying advanced nuclear technologies [9][48] - The company anticipates increased operating expenses in the latter half of 2025 as it prepares for long lead material purchases to enhance manufacturing readiness [14][16] Other Important Information - NuScale has opened two additional energy exploration centers, bringing the total to 11, aimed at preparing the next generation of nuclear talent [11] - The company is actively engaged in discussions with various potential customers, including the U.S. Government and hyperscalers, to secure contracts for its power modules [63][64] Q&A Session Summary Question: Follow-up on operating expense increase - Management confirmed an expected increase in operating expenses for Q3 and Q4, aligning with efforts to develop 12 modules and enhance supply chain readiness [16][17] Question: Impact of Fleur's stock conversion on business outlook - Management clarified that Fleur's actions regarding stock conversion do not alter NuScale's go-to-market strategy, which remains well-defined and consistent [20][22] Question: Production capacity of Doosan - Doosan can manufacture up to 20 modules per year, and management emphasized the importance of ongoing engagement with suppliers to meet production needs [28] Question: Response to NRC approval and customer engagement - Management noted an increase in customer discussions following the NRC approval, which has opened new opportunities for potential contracts [30][32] Question: Update on Row Power project timeline - The final investment decision for the Row Power project is now expected in mid to late 2026, with ongoing engineering support from NuScale [114][115]

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, 2025 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 (Exact name of registrant as specified in its c ...

NuScale Power Second Quarter 2025 Earnings Presentation August 2025 NuScale Nonproprietary | Copyright © 2025 NuScale Power, LLC. | Page 1 Forward-Looking Statements This Presentation contains forward-looking statements (including without limitation statements containing terms such as "will," "believes," "expects," "anticipates," "plans" or other similar expressions). These forward-looking statements include statements relating to strategic and operational plans and expectations of NuScale Power Corporation ...

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): August 7, 2025 NuScale Power Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction Delaware 001-39736 98-1588588 (Commission File Number) (I.R.S. Employer Identification No.) 1100 NE ...

Core Viewpoint - NuScale Power is set to report its second-quarter 2025 results, with expectations of significant revenue growth and a widening loss per share compared to the previous year [1][3]. Financial Performance - The Zacks Consensus Estimate for second-quarter revenues is $9.07 million, reflecting an 834.54% increase from the same quarter last year [1]. - The estimated loss for the second quarter is 12 cents per share, which has widened by a penny over the past month, indicating a year-over-year increase of 61.29% [1]. Market Position and Demand - NuScale Power's performance is likely to benefit from strong electricity demand driven by AI-powered data centers and the global shift towards clean energy solutions [3]. - The company is focusing on strategic initiatives to align resources for commercialization and securing revenue-generating contracts [3]. Technological Advancements - Significant progress has been made in the manufacturing and commercialization of Small Modular Reactor (SMR) technology, with key partnerships established with Doosan Interability and ENTRA1 Energy [4]. - The collaboration with ENTRA1 Energy is designed to mitigate risks and align with customer requirements, which are crucial for the success of SMR deployment [5]. Stock Performance - NuScale Power shares have increased by 142% year-to-date, outperforming the Zacks Computer & Technology sector's return of 9.2% and the Zacks Electronics-Power Generation industry's rise of 140.1% [6]. - The company's shares have also outperformed its closest peer, BWX Technologies, which has returned 28.8% in the same period [6]. Industry Trends - The demand for energy is expected to rise significantly, particularly from data centers, which are projected to triple their energy use over the next three years, accounting for 12% of U.S. electricity consumption by 2028 [15]. - Major technology companies like Meta Platforms, Microsoft, Alphabet, and Oracle are increasingly committing to nuclear energy, including SMR technology, to meet sustainability goals [16][17]. Competitive Landscape - Despite advancements, NuScale Power faces stiff competition from companies like Oklo and BWX Technologies in the SMR sector [18]. - Oklo has recently signed a memorandum of understanding with Korea Hydro & Nuclear Power to advance its nuclear technology, with its shares surging 260% year-to-date [19]. Conclusion - NuScale Power's advancements in SMR technology and partnerships position it as a key player in sustainable energy, but challenges remain in a competitive market and concerns over valuation persist [20][21].

Core Viewpoint - The nuclear power sector experienced a significant increase in stock prices, driven by positive earnings guidance from BWX Technologies for the fiscal year 2025 [1] Company Summaries - BWX Technologies (BWXT.US) saw its stock rise over 16% after raising its earnings guidance for the fiscal year 2025 [1] - Oklo Inc (OKLO.US) experienced a stock increase of over 8.5% [1] - NuScale Power (SMR.US) had a stock price increase of over 3.6% [1] - Duke Energy (DUK.US) saw its stock rise by over 2% [1]

Core Viewpoint - Fluor's decision to sell a significant portion of its NuScale shares has led to a decline in NuScale's stock price, despite the company's strong performance [1][5]. Group 1: Fluor's Financial Performance - Fluor reported a 6% year-over-year decline in sales and nearly a 50% cut in adjusted profit [3]. - The gains from NuScale shares contributed $3.2 billion in pre-tax mark-to-market gains for Fluor in Q2, but also introduced volatility in Fluor's financial results [3][4]. Group 2: Share Conversion and Market Impact - Fluor plans to convert 15 million Class B NuScale shares into Class A shares, which may be sold for cash [4]. - This conversion aims to simplify accounting and return value to shareholders, but it raises concerns about flooding the market with additional shares, potentially depressing NuScale's stock price [5][6]. Group 3: Stock Performance and Investor Sentiment - NuScale's stock has increased fivefold over the past year, but the new risks associated with Fluor's share sale have prompted investors to consider selling [6].

Group 1 - China Biopharmaceutical (1177.HK) saw a rise of over 3% after announcing a successful licensing agreement with Merck for its PD-1/VEGF dual antibody, expecting a $300 million milestone payment soon [1] - CSPC Pharmaceutical Group (1093.HK) increased by over 5% following the announcement of an exclusive licensing agreement with Madrigal Pharmaceuticals for the global development of its GLP-1 receptor agonist SYH2086 [1] - Youzan (8083.HK) surged over 7% as it projected a revenue of approximately 709 to 719 million RMB for the first half of the year, a year-on-year increase of about 3.3% to 4.8%, and a net profit of 68 to 74 million RMB, marking a turnaround from a loss last year [1] Group 2 - Xingsheng International (6058.HK) rose nearly 18% after the bank announced its commitment to embrace technological transformation and explore stablecoins and AI initiatives [2] - New Oriental Education (9901.HK) fell nearly 4% after reporting a 9.4% year-on-year increase in net revenue to $1.243 billion for the fourth quarter of fiscal year 2025, but a 73.7% drop in net profit [2] - Kingdee International (0268.HK) saw a rise of over 7% as it announced a board meeting to review its interim results and potential dividend distribution [2] Group 3 - Macau gaming stocks rose, with MGM China (2282.HK) up over 4% after Macquarie raised its forecast for Macau's total gaming revenue for 2025 by 5% to 235.7 billion RMB, indicating a year-on-year growth of 4% [3] - Gold stocks in Hong Kong continued to decline, with Tongguan Gold (0340.HK) dropping over 9% for six consecutive days, as spot gold prices fell below $3,270 per ounce [4] - Kangfang Biopharma (9926.HK) rose nearly 5% after announcing the completion of the first patient dosing in a pivotal clinical trial for its PD-1/VEGF dual-specific antibody [4] Group 4 - Weishi Jiajie (0856.HK) increased by over 3% as a report indicated that its Southeast Asia business is expected to see a significant revenue increase of 74% in 2024, with net profit contributing about 51% [5] Group 5 - Meta (META.US) exceeded revenue expectations and provided strong guidance for the current quarter, leading to an after-hours increase of over 11% [6] - Microsoft (MSFT.US) reported an 18% year-on-year growth in revenue, driven by its cloud business, with Azure revenue up 34% for the full year, resulting in an after-hours increase of over 8% [6] - Wingstop (WING.US) surged by 26.85% after reporting adjusted earnings per share of $1.00 for the second quarter, exceeding analyst expectations [6] Group 6 - Several biopharmaceutical stocks surged, with Replimune (REPL.US) up 101.33% following news of regulatory changes at the FDA that may ease pressure on gene therapy and vaccine companies [7] - Marvell Technology (MRVL.US) rose 7.07% after announcing a partnership with Rebellions to provide AI systems for regional projects in Asia-Pacific and the Middle East [7] - Palo Alto Networks (PANW.US) fell 5.58% after agreeing to acquire CyberArk Software for approximately $25 billion [8]