NuScale Power Q4 2025 Earnings Report

NuScale Power EPS Results

• Actual EPS: -$0.80
• Consensus EPS: -$0.10
• Beat/Miss: Missed by -$0.70
• One Year Ago EPS: N/A

NuScale Power Revenue Results

• Actual Revenue: $1.81 million
• Expected Revenue: $8.76 million
• Beat/Miss: Missed by -$6.95 million
• YoY Revenue Growth: N/A

NuScale Power Announcement Details

• Quarter: Q4 2025
• Date: 2/26/2026
• Time: After Market Closes
• Conference Call Date: Thursday, February 26, 2026
• Conference Call Time: 5:00PM ET

NuScale Power (NYSE:SMR), trading on the NYSE American under the ticker SMR, is a pioneering developer of small modular nuclear reactors. Established in 2007 as a spinout from Oregon State University, the company is headquartered in Portland, Oregon. NuScale’s mission is to deliver zero-carbon baseload power through scalable modular reactor technology, aiming to transform traditional nuclear energy deployment.

At the core of NuScale’s offering is the VOYGR small modular reactor design, featuring 77-megawatt electric (MWe) modules with passive safety systems. Each module is designed for factory fabrication and on-site assembly, enabling flexible plant sizes through multi-module configurations. In August 2020, the U.S. Nuclear Regulatory Commission granted design certification for the VOYGR SMR, marking a significant milestone toward commercialization.

NuScale’s flagship initiative is the Carbon Free Power Project, in partnership with Utah Associated Municipal Power Systems, planned at the Idaho National Laboratory site. The initial deployment envisions up to a dozen modules providing more than 700 MWe of clean energy. Beyond the United States, the company is actively pursuing collaboration and licensing opportunities in international markets, with a focus on Europe and Asia.

The company is led by President and Chief Executive Officer John Hopkins, a veteran of the nuclear industry with prior leadership roles at Westinghouse Electric Company. Under his guidance, NuScale is advancing from design certification to construction readiness, supported by partnerships with major engineering firms and a board of directors with deep expertise in energy and nuclear technology.

NuScale Power Q4 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: NRC approved NuScale's 77 MW standard design ahead of schedule, leaving NuScale as the only SMR certified under 10 CFR Part 52 and giving the company a regulatory first-mover advantage for commercial deployments.
• Neutral Sentiment: ENTRA1 and TVA are progressing toward a potential 6 GW (72-module) program — ENTRA1 has assembled teams, completed site evaluations, and secured at least one multi‑billion dollar term sheet signatory, but a binding PPA has not yet been announced and many details remain under NDA.
• Positive Sentiment: NuScale ended 2025 with $1.3 billion in liquidity (about $1.0B post‑close items) and a historical adjusted OpEx run rate near $170–200M, which management says provides a comfortable runway to advance commercialization activities.
• Positive Sentiment: Supply‑chain progress: 12 NuScale Power Modules are in production at Doosan, with Doosan increasing capacity toward 20 modules/year and plans to further expand, giving NuScale a timing advantage for initial deployments.
• Positive Sentiment: International progress: NuScale completed FEED 2 for Fluor on Romania's RoPower project, recognized $63.1M from that work, and RoPower shareholders voted to advance pre‑EPC activities (expected to begin Q2), creating a near‑term services revenue pathway.

Presentation

[Operator]

Good afternoon, and welcome to NuScale's Q4 and full year 2025 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. The web replay will be available for 30 days following the earnings call. At this time, for opening remarks, I would like to turn the call over to Rodney McMahan, Senior Director of Investor Relations. Please go ahead.

[Rodney McMahan, Senior Director of Investor Relations at NuScale Power]

Thank you, operator. With us today are John Hopkins, NuScale President and Chief Executive Officer, Ramsey Hamady, Chief Financial Officer, and Clayton Scott, Chief Commercial Officer. We will begin by providing an update on our business, followed by a discussion of our financial results. We will open the phone lines for questions. This afternoon, we posted supplemental slides on our investor relations website as reflected in the Safe Harbor statements on Slide 2. The information set forth in the presentation and discussed during the course of our remarks and the subsequent Q&A session includes forward-looking statements which reflect our current views of existing trends and are subject to a variety of risks and uncertainties. For a detailed discussion of our risk factors that could contribute to differences in our expectations, please refer to our Form 10-K for the year ended December 31st, 2025, and our subsequent SEC filings.

[Rodney McMahan, Senior Director of Investor Relations at NuScale Power]

I'll now turn the call over to John Hopkins.

[John Hopkins, President and CEO at NuScale Power]

Thank you, Rodney. Good afternoon, everyone. I'll start with some key highlights from 2025, a year marked by significant progress for NuScale. The U.S. Nuclear Regulatory Commission, or NRC, approved our 77 MW electric standard design ahead of schedule, allowing us to support a wider range of offtakers and consumers seeking clean baseload energy. NuScale remains the only SMR technology to achieve NRC Design Certification. With 12 modules in production, we retain our position as the industry's first mover. Furthermore, our exclusive global commercialization partner, ENTRA1 Energy, reached an agreement with the Tennessee Valley Authority, or TVA, to supply 6 GW of power by deploying the largest nuclear power program in U.S. history. In ENTRA1, we use NuScale SMR technology inside its power plants.

[John Hopkins, President and CEO at NuScale Power]

Both are incredibly important milestones in our commercialization journey and gives us strong momentum going into 2026 to pioneer the SMR space as the only NRC-certified SMR under 10 CFR Part 52 versus other technologies pursuing 10 CFR Part 50. We believe this approach provides NuScale SMR power plants with a much different risk profile. Turning to Slide 3, we list NuScale's Q4 and recent highlights, which we will discuss in more detail in a moment. They include significant progress made by ENTRA1 and TVA on a power purchase agreement or PPA. The completion of our work on Fluor's Phase 2, front-end engineering and design or FEED 2 study for the proposed RoPower Doicești power plant in Romania. The continued strengthening of our cash position to ensure NuScale is well-funded to pursue its activities. Turning to Slide 4.

[John Hopkins, President and CEO at NuScale Power]

In September of last year, TVA announced an agreement in connection with the purchase of power from ENTRA1 for 6 gigawatts, which would represent a total deployment of 72 NuScale Power Modules or NPMs in 6 ENTRA1 Energy plants, providing power to support TVA's 7-state service region. In the 5 to 6 months since the program was announced, we understand that ENTRA1 and TVA have advanced discussions, maintaining strong momentum and collaboration in their efforts. Our understanding is that the following recent steps have been taken to move the program forward. First, ENTRA1 is assembling an infrastructure experienced team that includes design engineers, a construction contractor, owner's engineers, investors, and legal advisors. Second, on project financing, several major financial institutions are working with ENTRA1 and discussions are underway. One major institution has already signed a $multi-billion term sheet with ENTRA1.

[John Hopkins, President and CEO at NuScale Power]

Third, on the project execution side, site visits have been conducted and site evaluations are underway by teams of qualified professional engineers and heavy infrastructure experienced individuals. Fourth, 4 sites identified that could each support ENTRA1 plants powered by NuScale SMR technology with respect to the 6 gigawatt program. The prospective site for the first plant deployed has been identified. Fifth, drafting of a definitive PPA is underway with robust engagement from legal teams and progress is being made on transaction documentation and structure. Finally, please note that TVA announced the deal last September and the new TVA board was confirmed just this January. Considering all of this, we believe that significant progress has been made relative to timing. Separately, we'd like to touch on the U.S.-Japan investment initiative which was discussed in our last earnings call.

[John Hopkins, President and CEO at NuScale Power]

As noted in recent government announcements, under the U.S.-Japan Framework Agreement, several American and Japanese companies were named as potential recipients of financing from Japan's groundbreaking commitment of $550 billion towards investments in the United States. Two points here. First, we understand, and as publicly known, ENTRA1 Energy was one of the several companies named on the fact sheet chosen by the Japanese government. It is the only American SMR power plant developer on the list. Others included engineering and construction firms, OEM companies, investment holding groups, and industrial players. Second, Japan has been NuScale's second-largest investor since 2022. Their selection of ENTRA1 would validate their continued interest to support NuScale and our SMR deployment via ENTRA1 Energy power plants.

[John Hopkins, President and CEO at NuScale Power]

While we are still on the subject of ENTRA1 Energy, and in the spirit of being helpful to our listeners, I'd like to reiterate a few key points with respect to our ENTRA1 partnership. One, ENTRA1 is an American-owned, in-control development and investment platform that is focused on supporting the commercialization of next-generation baseload energy technologies, which includes the NuScale SMR technology. Two, their mission is to support American and global energy security and economic growth by deploying baseload power infrastructure to generate power. Three, the company is led by an American energy and technology investor and brings together experienced professionals with backgrounds in energy and infrastructure project management, finance, development, and asset management. Four, in our partnership, ENTRA1 as the project developer is responsible for financing, project development, and deal execution management. To build the infrastructure, ENTRA1 works with seasoned engineering and construction firms.

[John Hopkins, President and CEO at NuScale Power]

Five, ENTRA1 was established to address a need for a strategic developer and investor in a first-of-a-kind industry, and to be the first mover to bridge the gap between financing and execution of such first-of-a-kind technologies. Six, over the course of several years, ENTRA1 conducted due diligence and analysis on the various nuclear technologies that have been under research and development, and we believe they recognize the value creation opportunity that they could capture around the need of a strategic partner and investor to support nuclear SMR commercialization. Seven, NuScale was selected amongst several of the reactor technologies analyzed by ENTRA1 along with their financial institutional partners. Eight, ENTRA1 has professionals with backgrounds in project finance, investment management, engineering, construction management, legal, and infrastructure development, and they work with specialized technical partners, contractors, engineering firms, financial institutions, and legal advisors for each project phase.

[John Hopkins, President and CEO at NuScale Power]

It is important to note that TVA and NuScale have had a relationship for almost a decade. Japan has been an investor in NuScale since 2022. We view these as long-standing follow-on relationships now supporting our commercialization along with our strategic partner, ENTRA1. NuScale has chosen to be a technology provider with our NRC-approved small modular reactors. We chose to pursue an asset-light business model relying on outsourcing responsibilities outside our scope to reliable third parties. Currently, Doosan Enerbility is our primary manufacturing arm. We chose not to be a manufacturer of the reactors, nor are we the developer of power plant infrastructure that houses the reactor equipment. ENTRA1 is the development arm that helps NuScale commercialize its reactor technology by installing our SMR technology and equipment into their new power plant infrastructure assets.

[John Hopkins, President and CEO at NuScale Power]

I'd like to remind everyone that the SMR space is a first-of-a-kind within the U.S. nuclear industry, and there are no commercially operating SMR power plants in the United States. All stakeholders and participants in the SMR space are pursuing a first-of-a-kind activity. ENTRA1 and NuScale work closely together to advance the deployment of the NuScale SMRs in the United States and in global markets. Both teams work in an integrated fashion and in close collaboration while maintaining a common professional work environment. In summary, we are very excited about the TVA ENTRA1 opportunity, which we hope will empower the local economy across TVA's seven-state region, support the fast-growing energy demand for AI data centers, advanced manufacturing, and national defense, all while creating thousands of high-quality American jobs, reinforcing America's energy independence, and strengthening our country's energy security. Moving to Slide 5.

[John Hopkins, President and CEO at NuScale Power]

Regarding Romania, by the end of 2025, NuScale completed its FEED 2 work for Fluor Corporation to further RoPower's goal of developing and deploying their six-module SMR power plant in Romania. In total, NuScale recognized $63.1 million in revenue from licensing fees and engineering work from the FEED 2 study over an 18-month period ending in December 2025. Earlier this month, shareholders of Romanian S.N. Nuclearelectrica overwhelmingly voted in favor of progressing the RoPower project. We understand that this vote allows the project to seek secured financing to further feasibility studies and site-specific design work, and to advance the licensing and geotechnical work, finalize a pre-engineering procurement and construction or EPC contract, and begin negotiating contracts for long lead items.

[John Hopkins, President and CEO at NuScale Power]

Therefore, we anticipate that they will have pre-EPC activities begin in the Q2 of this year and have an estimated duration of up to 15 months and will include, among other things, the development of a Class 2 cost estimate. We look forward to continuing supporting Fluor on their Doicești project. Turning to Slide 6, you'll find a list of our plant services broken out by pre- and post-commercial operations date. While the sale of NPMs to ENTRA1 will make up the largest percentage of NuScale's future revenues, those revenues will be complemented by the many different plant services we offer. These plant-related services cover licensing, installation, commissioning, and post-COD services.

[John Hopkins, President and CEO at NuScale Power]

We have already seen services generate revenue for NuScale from the RoPower project, and we expect that once the PPA between ENTRA1 and TVA is executed, we will begin generating service revenues related to those projects as well. Specifically, from the combined operating license application or COLA process, plus services related to FEED work for ENTRA1 power plants. On Slide 7, we'd like to provide an update with respect to an exciting use case for NuScale's SMR technology, producing process steam and electricity for chemical plants. Just last month, in collaboration with Oak Ridge National Laboratory in Tennessee, NuScale released the results of a techno-economic assessment examining the performance and profitability of coupling NuScale Power Modules with a U.S. chemical facility to provide nuclear-generated steam and electric power.

[John Hopkins, President and CEO at NuScale Power]

The findings showcase that nuclear power, specifically nuclear power generated by NuScale's SMR technology, can help industries that use process steam and electricity in a reliable and profitable manner. A recent second study conducted by Idaho National Laboratory demonstrated that NuScale's high-temperature process steam is on par with high-temperature gas reactors. To further validate this use case, NuScale and Ebara Elliott Energy, a major Japanese industrial player, established a collaborative program to fabricate and field test a high-temperature steam compression system at their plant in Pennsylvania. It is further intended that the compressor will be later deployed at a domestic industrial petrochemical site. NuScale and Ebara Elliott are actively in discussions seeking a petrochemical industrial player for this effort. The results of the Oak Ridge National Laboratory study and plans for high-temperature steam compression demonstrator will be presented to the World Petrochemical Conference next month in Houston.

[John Hopkins, President and CEO at NuScale Power]

In other news, NuScale has also launched a project at the Oak Ridge National Laboratory in Tennessee to use AI to enhance fuel efficiency for multi-modular nuclear plants beyond what is achievable in nuclear plants with a single reactor, be it small or large. Next month, NuScale will be speaking at the National Academy of Engineering-sponsored conference on Closing Strategy Gaps for the Future of AI, hosted by the University of Maryland in College Park. NuScale SMRs are the only nuclear technology, large or small, that have been certified by the NRC for off-grid behind-the-meter application. At that event in Maryland, NuScale will be discussing the advantages of off-grid behind-the-meter small modular reactors to power data centers. Over to Ramsey for the financial update.

[Ramsey Hamady, CFO at NuScale Power]

Thank you, John, and hello, everyone. Our financial results are available in our filings. My focus will be on explaining major line items which can be found on Slide 8. NuScale's overall liquidity increased to $1.3 billion at December 31, 2025 versus $754 million at September 30, 2025 and $442 million at the end of 2024. This liquidity allows NuScale to further enhance supply chain and manufacturing readiness, fund obligations in connection with the advancement of commercialization, and further strengthen our balance sheet. As projects progress forward, NuScale expects revenues from products and services to support positive cash flow from operations. Moving on to revenue. NuScale reported revenue of $31.5 million for the year ending December 31, 2025, compared to $37 million during the same period in the prior year.

[Ramsey Hamady, CFO at NuScale Power]

This decrease was due to a reduction in revenue recognized from the RoPower technology licensing agreement, which was partially offset by higher Fluor Phase 2 engineering and services revenue. I will conclude my remarks with a brief overview of our capitalization summary as shown on Slide 9. As you can see on this slide, the number of Class B shares was greatly reduced in the Q4 due to Fluor's conversion of their NuScale B shares into Class A common stock. We understand that Fluor continues to monetize their investment in NuScale via open market transactions, subject to certain agreed-upon restrictions. I'd like to thank you again for joining today and for your continued support of NuScale. We'll now take questions. Operator

[Operator]

Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via speakerphone in your device, please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press star one to join the queue. Our first question comes from the line of Eric Stine with Craig-Hallum. Your line is open.

[Eric Stine, Senior Research Analyst at Craig-Hallum]

Hi, everyone. Thanks for taking the questions.

[Eric Stine, Senior Research Analyst at Craig-Hallum]

Hey, can you hear me?

[Carl Fisher, COO at NuScale Power]

Yes. Sorry.

[Eric Stine, Senior Research Analyst at Craig-Hallum]

Good. Oh, that's okay. Maybe if we could just start on the supply chain and specifically Doosan. You did talk about that a little bit, but I know that it's committed to 20 modules a year, committed to being able to take that higher. Just maybe some commentary on confidence in that, but also curious, you know, it's a pretty differentiated position to actually, you know, those are actually being built. Curious, you know, how is that playing into the process, with ENTRA1 and TVA and also, you know, just some of the other opportunities, as they progress in your pipeline.

[Carl Fisher, COO at NuScale Power]

This is Carl Fisher, the Chief Operating Officer. As you know, we've progressed significantly well with Doosan. We have 12 modules under production right now. No matter what the project is, it gives us a significant timing advantage because we have ordered the long lead materials and the modules are under production.

[Eric Stine, Senior Research Analyst at Craig-Hallum]

Okay. Gotcha. In terms of just feeling confident in, you know, that Doosan is, you know, committed and able. I know that they've got a big facility and they are committed to this space, but that they are, in fact, you know, in a position that should TVA, you know, should that move forward, that they could, you know... I know it's a ways out, but that they could execute on that and help you get to, you know, potentially some big numbers.

[Carl Fisher, COO at NuScale Power]

Yeah, we have extreme confidence with Doosan. The other thing that you should know is that they're increasing their capacity so they can move up to 20 modules per year and then eventually doubling that capacity. I just recently was at Doosan, like, you know, and seeing the works that are being done. These 12 modules will set the stage for the next set of 12 modules that could be used with the ENTRA1 projects. Having these already in production, it really gives us a significant timing advantage because we do have the long lead materials already ordered and the modules ready to be fabricated.

[Eric Stine, Senior Research Analyst at Craig-Hallum]

Got it. Maybe just turning to, you know, the up-rate approval. I know that, you know, 6-plus months ago, I asked this on the call, were there customers that were waiting for that upgrade from 50 megawatts to 77? You know, what that potentially kind of set in motion. I guess, you know, now that it's 6-plus months later, you know, looking back, what has that impact been on your pipeline, whether it's overall growth of the pipeline or movement within that pipeline?

[Carl Fisher, COO at NuScale Power]

I think, you know, the upgrade that was approved last year was approved ahead of schedule. We've got there's a lot of confidence we have with the fact that we have that approval because a lot of questions and any concerns that may have had by the regulator were approved and put aside. In that case, after that and having that SDA approval, our customers, the ones that we've been speaking with and also basically just the general industry, puts a lot of confidence in the fact that the NRC has made that approval.

[Carl Fisher, COO at NuScale Power]

I'll let Clayton Scott discuss the pipeline aspect of it, but I will say even for our international projects, having that NRC approval is significant because of the respect that the international community and the international nuclear regulators have for the NRC. Yeah. This is John. We do regular quarterly, generally drop-ins with the commissioners of the NRC. We were just there 2 weeks. You know, it was a pleasant surprise to speak with the commissioners in relation to expediting processes and et cetera. They asked a lot of questions because as you know, we are the only one who's ever submitted a Design Certification Application from the SMR space and have been approved.

[Carl Fisher, COO at NuScale Power]

We've been through the rigor and, so we're, we've been ready to go, and we're just sitting here, you know, as a company wanting to get these things deployed.

[Eric Stine, Senior Research Analyst at Craig-Hallum]

Yep.

[Carl Fisher, COO at NuScale Power]

The bottom line still is, and I keep saying this, we are the only game in town that has an NRC certified not only to construct, but also to operate. I think in addition to the 77 megawatt approval, it's really given ENTRA1 the opportunity to really push

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

Their pipeline and it's given confidence from the industry to understand that that regulatory hurdle has been completed and now that, you know, we can reach capacity levels that I think are a little bit more satisfactory when ENTRA1 looks at their overall facilities.

[Eric Stine, Senior Research Analyst at Craig-Hallum]

Got it. helpful. Last one for me. Just you mentioned it in your commentary here, but the term sheet with ENTRA1, you mentioned the one financial institution who has entered that. Can you just unpack that a little bit? Is that something that's firm that gets triggered on the signing of a PPA or is that something where there would be some additional steps upon that signing to lock that in?

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

Thanks for the question. It's Bill Cooper, General Counsel at NuScale, and we're under NDA with ENTRA1, so we can't say any more about that.

[Eric Stine, Senior Research Analyst at Craig-Hallum]

Okay. Worth a try. Thank you.

[Operator]

Our next question comes from the line of Ryan Pfingst with B. Riley. Your line is open.

[Ryan Pfingst, Senior Research Analyst at B. Riley Securities]

Hey, guys. Thanks for taking my questions. Maybe just to follow up on that last one, to the extent that you can say, John, you mentioned that the major institution that signed a multi-billion dollar term sheet, with ENTRA1. Is there anything you can share there around who the players might be, what exactly was signed for? Yeah, anything there I think would be super helpful.

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

Nothing we can share. I'm sorry.

[Ryan Pfingst, Senior Research Analyst at B. Riley Securities]

Yep. No worries.

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

I will share is pretty amazing.

[Ryan Pfingst, Senior Research Analyst at B. Riley Securities]

Got it. I'll turn to Romania then. Could you talk about the next phase of the RoPower project? What will entail for NuScale in terms of services rendered or maybe, you know, the potential revenue opportunity there?

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

Yeah. This is John. You know, we met with the Romanian government last night, actually, it's a timely question. As we stated, the FEED Phase 2 has been completed as of the last quarter. February, they did have a shareholders meeting that they voted in favor of moving the project forward. RoPower is now authorized to advance the licensing and geotechnical, moving towards a pre-EPC. We anticipate NuScale be generating revenues as soon as... Now understand, we are a subcontractor to Fluor Corporation. Fluor is in negotiations right now with the RoPower government. Our contract is with Fluor, it's not with the Romanian government. We explained this last night to the Romanian government, and they understood.

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

We view this as a very important project that, you know, right now we're waiting for the next steps via Fluor and RoPower to do their deal, and then we move on. It was an interesting conversation last night. They appreciated it.

[Ryan Pfingst, Senior Research Analyst at B. Riley Securities]

Appreciate that. Then just one more. Could you give an update on the status of the material weakness in your financial reporting that you identified last year, and where that stands today?

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

This is Ramsey Hamady. In our 2024 annual report, we disclosed a material weakness on internal controls over financial reporting. ICFR is what we term it. Specifically, we focus on something called ITGC, which is Information Technology General Controls. We stated a plan to remediate it. We worked very hard. I give credit to David Tonnel, our Chief Accounting Officer and his team. We've come through with a clean bill of health from EY. I think it's a remarkable feat. We no longer have that. We addressed it as we said we would.

[Ryan Pfingst, Senior Research Analyst at B. Riley Securities]

Thanks, Ramsey. I'll turn it back.

[Operator]

Next question comes from the line of Sherif Elmaghrabi with BTIG. Your line is open.

[Sherif Elmaghrabi, Equity Research Analyst at BTIG]

Hi, thanks for taking my questions. First on Fluor, once they monetize their remaining stake, will they still have right of first refusal as your EPC provider for future projects? Hi, can you hear me?

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

Please hold for a second. Hi, this is Bill Cooper again, General Counsel. I'm not familiar with any right of first refusal, but the agreement is otherwise confidential.

[Sherif Elmaghrabi, Equity Research Analyst at BTIG]

got it. The study you completed with the Oak Ridge National Laboratory, that study gives us a sense of power module pricing that is significantly lower than large scale nuclear. Of course, that's part of the value proposition of SMRs, but is that sort of the pricing you're aiming for in Romania and with the TVA or is it kind of for later stage projects?

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

I'm sorry. Could you repeat the question?

[Sherif Elmaghrabi, Equity Research Analyst at BTIG]

The study that you guys did with the Oak Ridge National Laboratory, it talks about roughly, I think about $5,500 per kilowatt pricing for your modules, and I'm wondering if that's the sort of pricing that applies for Romania and the TVA?

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

Yeah, I'll have to look into that. I apologize. I'm not familiar with that number. You know, I think what's important here, if you remember over the years, we've said we see 3 significant markets. One was coal plant refurbishment, one was working with process companies for need of process heat, it could be for electricity, and the other one, obviously the elephant in the room, is hyperscalers. These studies, the prevailing notion was that high temperature gas could only produce the steam requirements needed for high pressure steam. We went into an analysis that Oak Ridge, or actually INL did for us, to show that NuScale's light water reactor could provide the economics and efficiencies necessary to provide the steam requirements for these plants.

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

Why this is getting specific interest, remember, our Emergency Planning Zone is that site boundary. When I look at process plants in an area like Baytown, Texas, we have multiple companies that share a fence line. ENTRA1 could build that plant outside that fence line, close to the end user, and provide if it's process heat, if it's electro-electricity, if they wanna do hydrogen production, and it's not inside the evacuation zone typical of a large scale nuclear reactor.

[Clayton Scott, Chief Commercial Officer at NuScale Power]

The other thing is too, John, I think that's really important, is we're also the only nuclear technology company, period, that is certified by the NRC for behind-the-meter, off-the-grid applications, and that's a significant benefit.

[Sherif Elmaghrabi, Equity Research Analyst at BTIG]

Okay. Thank you very much for taking my question.

[Operator]

Next question comes from the line of Derek Soderberg with Cantor Fitzgerald. Your line is open.

[Derek Soderberg, Equity Research Analyst at Cantor Fitzgerald]

Yeah. Hey, guys. Thanks for taking the questions. Just on cash, $1.3 billion, what's sort of the expected cash burn range for 2026? Can you talk about any sort of swing factors potentially in that as well?

[Clayton Scott, Chief Commercial Officer at NuScale Power]

This is Ramsey Hamady, Chief Financial Officer. As you pointed out, we ended 2025 with approximately $1.3 billion in cash. That's a tremendous achievement. Shows a very defensive position in terms of our liquidity. At post close disclosure, I believe note nine in financial statements, we note a payment of about $250 million out. Arithmetically, we can assume about $1 billion of cash on balance sheet today. If I look at my OpEx, apart from what I would call one time type items, my OpEx stays fairly consistent between $172, call it $200 million. Closer to $193 actually in 2024 on an adjusted basis.

[Clayton Scott, Chief Commercial Officer at NuScale Power]

The $1 billion in cash, I think our investors can rest assured that we have taken a very conservative, very strong liquidity position, and burn rate or runway is not a problematic item for us. NuScale has the legs to run this race.

[Derek Soderberg, Equity Research Analyst at Cantor Fitzgerald]

Got it. That's helpful. Then Ramsey, you mentioned just the one-time payment. I'm wondering if you can talk about how many more of these sort of one-time payments or milestone payments you guys expect to make, associated with the project. Will those payments sort of be a similar magnitude, or can you help us maybe quantify the potential there? Thanks.

[Clayton Scott, Chief Commercial Officer at NuScale Power]

Sure. I think on this one, we have been very transparent in our disclosures, in our filings. There is a partnership milestone agreement filing which describes all the payments in great detail. This is more a developer-led model, which I was referring to.

[Derek Soderberg, Equity Research Analyst at Cantor Fitzgerald]

Got it. Thanks, guys.

[Operator]

Next question comes from the line of Nate Pendleton with Texas Capital Securities. Your line is open.

[Nate Pendleton, Managing Director at Texas Capital Securities]

After ENTRA1 signs a binding PPA with TVA, can you talk about what that means from a near term revenue perspective? Would that revenue be comparable to what we've seen at RoPower thus far?

[Clayton Scott, Chief Commercial Officer at NuScale Power]

That's good. Hi, this is Clayton Scott, Chief Commercial Officer. What we expect after the PPA is signed is that we would enter into COLA and FEED activities to generate revenue, which will allow us to move forward. You know, this is something that I would expect to be more than what we see in RoPower just because the size of the plants are much larger, and we anticipate a little bit more revenue stream in that respect.

[Nate Pendleton, Managing Director at Texas Capital Securities]

Got it. Thank you. Then as my follow-up, perhaps staying with you, Clayton, referencing Slide 7 in the chemical plant study, has that study opened any new doors for the commercial team, with that extra layer of validation there? Are there any other applications that you feel are underappreciated as well?

[Clayton Scott, Chief Commercial Officer at NuScale Power]

Yes, there's other discussions that are happening and we're in concert with ENTRA1 to have those. At this point in time, we're under NDA, and we can't really disclose anything.

[Nate Pendleton, Managing Director at Texas Capital Securities]

Understood. Thanks for taking my questions.

[Operator]

Next question comes from the line of Leanne Hayden with Canaccord Genuity. Your line is open.

[Leanne Hayden, VP and Equity Research Analyst at Canaccord Genuity]

Evening, everyone. Thanks so much for taking my questions. Just wanted to start by digging into progress with ENTRA1 and TVA. Can you please help us try to understand any sort of gating factors to securing a binding PPA? Understand that there has been some pretty strong progress since January and that you're in the process of drafting a PPA. I do believe you previously guided for binding PPA execution by the end of 2025. Any color around what may have caused that delay would be much appreciated. Thank you.

[Bill Cooper, Chief Legal Officer and Corporate Secretary at NuScale Power]

We've said all that we can say. This is Bill Cooper again, General Counsel. We've said all that we can say about the PPA in the prepared remarks. We can't say anything more.

[Leanne Hayden, VP and Equity Research Analyst at Canaccord Genuity]

Okay. To the extent that you're able to comment, when can we expect any sort of site permitting or early site submissions associated with the four identified sites? Hello? Can you hear me?

[Clayton Scott, Chief Commercial Officer at NuScale Power]

I'm sorry. Go ahead.

[Rodney McMahan, Senior Director of Investor Relations at NuScale Power]

Hi, this is Rodney. Yeah, no, we went through that in the script, that kind of laid that out with the four sites. I would just reference that, or if not, we can circle up after the call.

[Leanne Hayden, VP and Equity Research Analyst at Canaccord Genuity]

Got it. Thank you.

[Operator]

Our last question comes from the line of Dimple Gosai with Bank of America. Your line is open.

[Dimple Gosai, Equity Research Analyst at Bank of America]

Good evening, gents. thank you for taking my question. I understand that you don't give guidance, but there's just many different pieces here with the FEED 2 coming to an end and RoPower advancement now, while you're also kind of pre-funding ENTRA1 and/or Romania. Can you help us or give us a sense of how to think of, you know, the revenue and liquidity outlook or call it profile over the next 12 to 24 months, please?

[Clayton Scott, Chief Commercial Officer at NuScale Power]

Dimple, this is Ramsey Hamady. Thank you for your question. As we stated earlier, and as you pointed out in your question, we do not give guidance at this point. However, I think looking at our balance sheet, we look at our liquidity position, the company is conservatively positioned and prudently raised capital towards the end of last year in order to give us a balance sheet that has lasting power and, as I said, run rate and pardon me, runway, is not an issue for us.

Participants

Executives

• Bill Cooper, Chief Legal Officer and Corporate Secretary
• Carl Fisher, COO
• Clayton Scott, Chief Commercial Officer
• John Hopkins, President and CEO
• Ramsey Hamady, CFO
• Rodney McMahan, Senior Director of Investor Relations

Analysts

• Derek Soderberg, Equity Research Analyst at Cantor Fitzgerald
• Dimple Gosai, Equity Research Analyst at Bank of America
• Eric Stine, Senior Research Analyst at Craig-Hallum
• Leanne Hayden, VP and Equity Research Analyst at Canaccord Genuity
• Nate Pendleton, Managing Director at Texas Capital Securities
• Ryan Pfingst, Senior Research Analyst at B. Riley Securities
• Sherif Elmaghrabi, Equity Research Analyst at BTIG