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]