There's a reason we use a Japanese word for a catastrophic seismic ocean wave. Japan has had more tsunamis than any place else on Earth. And the massive 9.0% know earthquake 9 days ago and the subsequent tsunami has left nearly 8,500 people dead, some 13,000 missing and nearly a half a million homeless. And it leaves Japan teetering on the edge of a nuclear crisis that has already resulted in measurable amounts of radioactivity turning up in milk, drinking water, and in some crops. Scott P and a 60 Minutes ...

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].

Heat waves across Europe are increasing the need for nuclear power plants to be taken offline, with the situation expected to worsen in the coming decades and few options for mitigation. https://t.co/QuSM7U6jw6 ...

NuScale Power (SMR) Q2 2025 Earnings Call August 07, 2025 05:00 PM ET Speaker0Good afternoon, and welcome to NuScale's Second Quarter twenty twenty five Earnings Results Conference Call. Today's call is being recorded. A replay of today's conference call will be available and accessible on NuScale's Investor Relations website. A web replay will be available for thirty days following the earnings call. At this time, for opening remarks, I would like to turn the call over to Rodney McMahon, Senior Director of ...

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 ...

Financial Data and Key Metrics Changes - The company reported second quarter GAAP earnings of $2.67 per share and adjusted operating earnings of $1.91 per share, an increase of $0.23 per share compared to the previous year [7][39]. - The nuclear fleet achieved a capacity factor of 94.8%, producing over 41 million megawatt hours of emissions-free power, marking the second-best fleet production ever [42]. Business Line Data and Key Metrics Changes - The commercial team successfully managed extreme market volatility, achieving higher than average margins on retail sales and selling value-added products around the clean attributes of nuclear plants [43]. - The renewables and natural gas fleets also performed well, with renewable energy capture at 96.1% and power dispatch at 98.3% [42]. Market Data and Key Metrics Changes - The company recognized $200 million from the Illinois ZEC program for bank credits, similar to the previous year, indicating effective management of the program [40]. - The latest PJM capacity auction cleared 2,700 megawatts of new and uprated generation capacity, with expectations for more than nine gigawatts of new firm reliable supply to come online by 2026 [31]. Company Strategy and Development Direction - The company is focused on closing the Calpine acquisition and integrating the two businesses, which is expected to add $2 to EPS and $2 billion of free cash flow before growth starting next year [55][38]. - The passage of the "One Big Beautiful Bill" is seen as a significant win for nuclear power, preserving and expanding nuclear credits, which will support the company's growth strategy [22][51]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued bipartisan support for nuclear energy and the importance of reliable natural gas in the data economy [25][16]. - The company anticipates earnings growth of 13% through the decade, supported by robust cash flow and base earnings protected by the nuclear PTC [54][56]. Other Important Information - The company has executed $400 million in accelerated share repurchases, totaling $2.4 billion since the start of the buyback program, with $600 million remaining under the current Board authorization [50]. - The company is optimistic about the potential for new nuclear investments, with ongoing evaluations of designs and cost structures [66][68]. Q&A Session Summary Question: Can you discuss the timeline for the potential late inning data center deal and interconnection timelines from utilities? - Management hopes to finalize the deal this year, noting that utilities have become more responsive in expediting interconnection processes [59][60]. Question: Has the strategy for new nuclear investments changed? - The strategy is evolving rather than undergoing a major shift, with growing confidence in understanding cost structures and timelines for new nuclear projects [66][68]. Question: What are the expectations for state-level action on PJM changes? - Management anticipates that state actions, like New York's RFP for nuclear, could transpire in other states, potentially leading to new nuclear opportunities [77].

Core Insights - Cameco Corporation (CCJ) reported a remarkable second quarter 2025 performance, with net earnings increasing by 792% year-over-year to CAD 321 million, primarily due to stronger equity earnings from its 49% investment in Westinghouse Electric Company [1][8] - The significant improvement in earnings was driven by Westinghouse's involvement in the construction of two nuclear reactors at the Dukovany power plant in the Czech Republic, contributing CAD 170 million to Cameco's share of Westinghouse's revenues [2] - Cameco's share of Westinghouse's adjusted EBITDA rose to CAD 352 million from CAD 121 million in the same quarter of 2024, with expectations for 2025 adjusted EBITDA to be between CAD 525 million and CAD 580 million, up from previous guidance of CAD 355 million to CAD 405 million [3][8] Company Performance - Cameco's stock has gained 45.2% year-to-date, outperforming the industry growth of 14.4%, the broader Zacks Basic Materials sector's increase of 11.7%, and the S&P 500's rise of 6.9% [7] - The Zacks Consensus Estimate for Cameco's earnings for fiscal 2025 indicates a year-over-year growth of 149%, while the estimate for 2026 suggests a growth of 28.5% [12] Investment and Strategic Developments - Cameco acquired a 49% stake in Westinghouse in 2023 through a strategic partnership with Brookfield Asset Management, combining Cameco's nuclear expertise with Brookfield's clean energy leadership [4] - Over the next five years, Cameco's share of adjusted EBITDA is projected to grow at a compound annual growth rate of 6-10%, excluding the CAD 170 million boost from the second quarter of 2025 [3]

Core Viewpoint - Centrus Energy Corp. reported strong operational performance in Q2 2025, achieving a net income of $28.9 million despite a decrease in total revenue compared to the previous year, highlighting the company's successful execution of contracts and strategic initiatives in the nuclear energy sector [1][11]. Financial Results - The company generated total revenue of $154.5 million for Q2 2025, down from $189.0 million in Q2 2024, representing an 18% decrease [3]. - Revenue from the LEU segment was $125.7 million, a decrease of 26% from $169.6 million in the same quarter last year, primarily due to reduced uranium sales volume [4]. - The Technical Solutions segment saw revenue increase to $28.8 million, up 48% from $19.4 million, driven by the HALEU production contract with the Department of Energy [5]. Cost and Profitability - Cost of sales for the LEU segment decreased to $75.0 million, down 45% from $136.6 million, attributed to lower sales volume and reduced average unit costs [6]. - The company recognized a gross profit of $53.9 million, an increase of 48% from $36.5 million in Q2 2024, with the LEU segment gross profit rising by 54% [7][8]. Operational Milestones - Centrus successfully delivered 900 kilograms of HALEU to the Department of Energy, achieving a key operational milestone and confirming the effectiveness of its technology [2][11]. - The Department of Energy exercised an option to extend the HALEU Operation Contract, valued at approximately $110.0 million through June 30, 2026, indicating strong government support for the company's initiatives [11][12]. Backlog and Future Commitments - The company's backlog stands at $3.6 billion as of June 30, 2025, with the LEU segment backlog approximately $2.7 billion, reflecting strong future revenue potential [14]. - An additional $0.1 billion LEU contingent sales commitment was secured in July 2025, further supporting potential construction at the Piketon, Ohio facility [15]. Balance Sheet Strength - Centrus raised approximately $114.0 million in net proceeds from an equity offering, enhancing its balance sheet for general corporate purposes [10]. - As of June 30, 2025, the consolidated cash balance was $833.0 million, up from $671.4 million at the end of 2024, indicating improved liquidity [25].

Core Insights - Oklo Inc. is innovating nuclear energy production through fuel recycling, utilizing 95% of the energy content from nuclear fuel that is typically wasted, thus addressing both energy generation and nuclear waste issues [1][10] - The company is developing its own fuel supply chain and recycling technology to maintain competitive advantages and reduce long-term costs, supported by over $15 million in funding from the U.S. Department of Energy for four recycling-related projects [2][10] - Oklo claims that the used nuclear fuel stored in the U.S. has enough energy to power the country for over 150 years, indicating a significant potential for redefining nuclear energy's future [3] Competitive Landscape - Entergy Corporation is exploring next-generation nuclear technologies and has secured a permit for a new reactor site in Mississippi, focusing on partnerships with industrial clients and technology firms to address financial and regulatory challenges [4] - Dominion Energy is investing in Small Modular Reactor (SMR) technology and has signed a memorandum of understanding with Amazon to evaluate deploying SMRs at its North Anna facility in Virginia, aiming to meet the increasing electricity demand from AI-driven data centers [5] Market Performance - Oklo's shares have increased by 260% this year, indicating strong market interest and performance [8] - The company's price-to-book (P/B) ratio is significantly higher than the industry average, suggesting a premium valuation in the market [9]

Financial Data and Key Metrics Changes - The second quarter revenue was $764 million, up 12% year-over-year, with organic revenue growth of 4% excluding acquisitions [19][20] - Adjusted EBITDA increased to $146 million, a 16% year-over-year growth, driven by strong performance in government operations [20][22] - Adjusted earnings per share rose to $1.02, reflecting a 24% increase, supported by lower tax rates and foreign currency gains [20][26] - Free cash flow for the quarter was robust at $126 million, aided by effective working capital management [21][26] Business Line Data and Key Metrics Changes - Government operations revenue grew by 9%, with adjusted EBITDA up 23% to $133 million, yielding an adjusted EBITDA margin of 22.6% [22][23] - Commercial operations reported revenue growth of 24%, but organic revenue was down 3%, primarily due to a decline in commercial power [23][24] - The backlog increased to $6 billion, a 23% quarter-over-quarter and 70% year-over-year growth, with organic book-to-bill at 2.2 [7][19] Market Data and Key Metrics Changes - Demand across global security, clean energy, and medical end markets is accelerating, with significant growth opportunities identified [6][28] - The naval propulsion business is expected to maintain a revenue CAGR of 3% to 5% over the long term, supported by recent pricing agreements [9][10] - The commercial power segment is experiencing strong demand, particularly in the Candu market, with ongoing life extensions and potential new builds [17][18] Company Strategy and Development Direction - The company is focused on enhancing capabilities in the nuclear market through both organic and inorganic investments, including the recent acquisition of Kinetrix [6][28] - Strategic priorities include operational excellence and expanding service offerings in nuclear power and energy infrastructure markets [6][10] - The company anticipates significant growth in advanced nuclear fuel opportunities and is well-positioned to capture emerging market demands [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong operational performance and backlog, indicating a positive outlook for the remainder of the year [28][26] - The company is raising its guidance for revenue, adjusted EBITDA, and earnings per share, reflecting better-than-expected operational performance [26][27] - Management noted that while the second half may see some normalization in performance, the overall operational conditions remain strong [102][103] Other Important Information - The company is actively pursuing advanced nuclear fuel opportunities and has received government support for various projects [11][90] - The recent reconciliation bill is expected to provide additional funding for nuclear programs, enhancing the company's growth prospects [90][91] Q&A Session Summary Question: Clarification on $29 million favorable contract adjustment - The $29 million relates to a special materials contract, with part included in the original guidance but more favorable than anticipated [31][32] Question: Opportunities for securing content on new build AP1000s - The company has an MOU with Westinghouse to potentially manufacture components for AP1000 reactors, with significant opportunities expected [33][34] Question: Impact of Kevin McCoy's appointment as Chief Nuclear Officer - Kevin McCoy is seconded to the Department of Defense, and his role is to assist with nuclear shipbuilding, while Joe Miller has been promoted to President of Government Operations [41][42] Question: Drivers of improved government operations margins - Margins were positively impacted by strong operating performance and favorable contract performance, with expectations for continued strong performance [42][43] Question: Revenue recognition for the first reactor in Darlington - Revenue for the X300 reactor is expected to be evenly distributed over a four-year period, with significant opportunities for additional reactors [92][93] Question: Growth in backlog and organic vs acquisition contributions - The majority of the backlog growth was organic, with approximately $240 million attributed to acquisitions [108] Question: Impact of critical minerals shortages - The company is not experiencing significant pressure from critical minerals, managing commodity risks effectively [109][110]