SMR — NuScale Power Corporation

Summary of NuScale Power Corporation Q3 2025 Earnings Call

1. Key Financial Results and Metrics

• Liquidity: Increased to $753.8 million as of September 30, 2025, up from $489.9 million on June 30, 2025, primarily due to the sale of 13.2 million Class A shares, generating $475.2 million.
• Revenue: Reported at $8.2 million for Q3 2025, compared to $5 million in Q3 2024, driven by service fees related to the Row Power project.
• PMA Milestone Payment: A $148.5 million payment was made related to the Partnership Milestone Agreement (PMA) with InterOne.

2. Strategic Updates and Business Highlights

• NRC Approval: NuScale remains the only small modular reactor (SMR) technology provider with design approval from the U.S. Nuclear Regulatory Commission (NRC), positioning it for commercial deployment.
• InterOne and TVA Agreement: A landmark agreement was announced for the deployment of up to six gigawatts of nuclear capacity, representing the largest SMR deployment in U.S. history.
• U.S.-Japan Framework Agreement: The White House announced a $550 billion investment initiative, with InterOne positioned to receive up to $25 billion to develop a fleet of power plants.
• Partnership Milestone Agreement: The PMA with InterOne aims to accelerate commercialization and includes milestone payments to support project development.

3. Forward Guidance and Outlook

• Project Timeline: The first InterOne energy plant is expected to deliver power to TVA by 2030, with additional plants phased in as demand grows.
• Market Demand: Increasing demand for reliable, carbon-free power from sectors like AI, advanced manufacturing, and national defense is expected to drive growth.
• Future Announcements: NuScale anticipates further announcements regarding additional projects and partnerships in the near term.

4. Bad News, Challenges, or Points of Concern

• Supply Chain Risks: Questions arose regarding the impact of Doosan's agreements with other companies on NuScale's supply chain capacity, although management reassured that Doosan is committed to NuScale's needs.
• Dependence on TVA Agreement: While the TVA agreement is a significant step, there are concerns about the finalization of the Power Purchase Agreement (PPA) and potential competition from other nuclear technologies.
• InterOne's Operational History: Some analysts expressed skepticism about InterOne's lack of a proven track record in building and operating projects, raising concerns about execution risk.

5. Notable Q&A Insights

• InterOne's Capabilities: Management defended InterOne's experience in energy projects, emphasizing their partnerships and ability to coordinate large-scale developments.
• PMA Payments: Clarification was provided that PMA payments would roll over to other projects if the TVA deal does not materialize as planned.
• Revenue Recognition: Questions about how and when NuScale would monetize its investments in InterOne were addressed, indicating that payments would be structured to align with project milestones.
• Market Confidence: Management expressed strong confidence in the partnership with InterOne and the strategic direction of the company, highlighting the significant market demand for their technology.

Overall, NuScale Power Corporation demonstrated strong financial positioning and strategic momentum in Q3 2025, while also facing challenges related to project execution and market competition.