Thank you, Operator. Joining me today is John Hopkins, President and Chief Executive Officer, and Ramsey Hamady, Chief Financial Officer of NuScale. We will begin by providing an update on our business, followed by a discussion of our financial results. We will then open the phone lines for questions. This afternoon, we posted supplemental slides to our Investor Relations website. As reflected in the Safe Harbor Statement on slide two, the information set forth in the presentation and discussed during the course of our remarks and subsequent Q&A session include 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 to our subsequent SEC filings. I will now turn the call over to John.

Thank you, Jennifer, and good afternoon, everyone. As slide three highlights, in recent quarters, we've discussed NuScale's laser focus on commercial readiness as a technology provider and original equipment manufacturer. This quarter, we took a significant step to advance that objective. We progress from development to physical production. We are proud to have entered into a landmark agreement with Doosan Integrality to manufacture the first article production of the New Scale Power Module, representing a clear transition from preparation to execution. We are no longer simply designing and planning. We are manufacturing. This milestone demonstrates tangible progress towards delivering the only NRC-approved SMR technology at Commercial Scale. While our commercialization partner, InterOne Energy, continues its work to finalize arrangements required for project development, NuScale is not standing still. We are deliberately strengthening our OEM capabilities, deepening supply chain readiness, and positioning the company for full-scale production. Our approach is straightforward and shareholder aligned. Stay disciplined on capital, hit the milestones we can control and ensure that when commercial agreements are finalized, NuScale is ready to deliver without unnecessary delay or added risk. This is how we convert regulatory leadership and manufacturing progress into durable value. Simply put, we are ready, ready with the only NRC-approved SMR technology in the United States, ready with proven fuel technology, Ready with engineering, regulatory foundation, strategic partnerships, and the global supply chain necessary to support commercial deployment. We are taking these steps at a time of growing demand and strong support for nuclear energy, particularly SMRs. The global energy landscape is undergoing a fundamental transformation. Artificial intelligence, the explosive growth of data centers, expanding industrial energy requirements, and the increased importance of energy security are converting to create unprecedented demand for reliable, affordable and carbon-free baseload power. Today, I want to walk you through what we accomplished this quarter, why it matters for shareholders and how NuScale is positioning for its next phase of growth. Execution is already underway. NuScale is moving from commercial agreements to delivery readiness. As IntraOne advances its customer engagements, we are advancing detailed engineering, locking in key suppliers, securing regulatory approvals that de-risk the path forward, and preparing to support the construction and operating license application process. In parallel, we are preparing to execute the OEM agreement under which NuScale will supply its power modules. These steps do more than move us closer to first delivery. They reduce future execution risk, establish a repeatable deployment model, and put new scale in position to convert commercial orders into revenue. For shareholders, that means a clear line of sight from contracted demand to module sales, associated services, and long-term value creation. These investments are deliberate and ongoing. Their purpose is to establish the foundation for repeatable deployment protect and extend NuScale's competitive advantages as the only NRC-approved SMR technology provider and ensure the company is positioned to convert future commercial agreements into revenue with minimal delay once those agreements are finalized. Our licensing team is already preparing to support the construction and operation license application for the potential Tennessee Valley Authority project. This is a familiar ground for NuScale. We hold an NRC design certification and standard design approvals, and we completed substantial COLA work on the carbon-free power project. A meaningful portion of that prior effort is directly reusable for TVA or any other future domestic projects, which should compress both schedule and cost relative to a first-time application. Our engineering teams is similarly engaged, drawing on experience from road power and other programs. Once an EPC contractor is selected, NuScale will support that work under a separate contract covering our proprietary design. This structure keeps NuScale involved in design integrity and execution support while the EPC leads overall project delivery. Further, along the timeline, we're also positioned to support operator training, startup consulting, and fuel preparation activities in coordination with Framitone. These are longer-dated opportunities, but we are laying the groundwork now so that new skill is ready when the program requires it. Together, these efforts mean we are already actively working across licensing, engineering, and later stage services rather than waiting for a single downstream milestone. It is important to note that many of these steps are done in parallel and not sequential. While supporting a TVA power purchase agreement remains our immediate priority, our commercial opportunities extend beyond TVA. We continue to engage utilities, hyperscalers, and major industrial customers seeking reliable carbon-free base load power. These discussions reflect a growing recognition that technology readiness, regulatory certainty, and the ability to execute are increasingly important factors and Selecta Nuclear Energy Solutions. Our business model combines InterOne's commercial development capabilities with NuScale's NRC-approved technologies, established supply chain and advanced manufacturing readiness. This is a compelling combination that we believe differentiates us in an increasingly competitive market. We're actively pursuing opportunities across multiple markets and expect to provide further updates as discussions mature into actionable commercial commitments. For NuScale shareholders, the opportunity is not simply one project. It is the potential to establish a scalable global OEM business capable of supporting multiple customers in deployments over decades. Now turning to slide four, let me expand on the significance of the last week's agreement with our longstanding partner, Doosan Earnability to manufacture components for the initial NuScale Power Module. NuScale's commitment to further producing critical, long-lead components, as enabled by our NRC licensed design, highlights our confidence in near-term commercialization and commitment to de-risk deployment lead times for our customers. For shareholders, this investment positions NuScale to execute when orders are secured. with component costs expected to be recovered through the owner's contractual payment schedule under a future OEM agreement. I also want to highlight our supply chain, which reflects years of deliberate preparation. We maintain relationships with more than 60 specialized suppliers covering every major scope of the module, including fuel, safety and instrumentation and controls, major forgings, module handling, cranes, valves, and others. As a result, when we execute an OEM agreement, many critical components will have already been designed, scaled, tested, in some cases placed into production, reducing schedule risk and accelerating the path to power generation. As highlighted on slide five, a few strategic relationships are already removing long lead risks from our critical path. Framitone, a world-class nuclear fuel supplier, is completing NuScale fuel design well ahead of customer commitments under a dedicated agreement, taking a classic schedule bottleneck off the table before we need it. Paragon has been awarded a contract to finish production development of our safety, instrumentation, and control systems, with NuScale jointly owning the underlying intellectual property. Across the broader supply base, we are actively driving dual or tertiary sourcing on the majority of packages so no single supplier becomes a constraint. This quarter, we also advanced two concrete milestones that show the supply chain moving from design into execution. We deployed nuclear-specific AI tools from leading technologies across our engineering and knowledge management functions to accelerate design work and institutional knowledge. And with Millenni Tech, we reached a first-of-a-kind fabrication milestone for the passive emergency core cooling system. Turning to Romania. With a new government in place, we remain engaged with our Romanian partners. And as this process moves forward, our priority is ensuring that any agreement appropriately allocates risk, delivers commercial value, and protects our shareholders' interests. Demand for our E2 centers has been strong since we have developed a business model to support their growth and continue refreshing the program. With the signing of a new center this quarter, we'll soon have 13 centers worldwide. These E2 centers build awareness of small modular reactor controls in our technology while training and preparing the next generation of engineers, operators, and technicians for the nuclear industry. Before I turn it over to Ramsey to provide the financial update, I want to reiterate that NuScale is no longer simply preparing for the future of nuclear energy. We are beginning to execute on it. Our supply chain is contracted, critical components are entering production and our engineering is substantially complete. These milestones position us well to convert our commercial pipeline into binding customer commitments. generate revenue from project development and deployment, and build a growing base of long-term, reoccurring revenue. We continue to advance deployment of our first NuScale Power Module and are securing a supply chain so we are prepared for commercialization as customers' opportunities progress. NuScale holds the only NRC-approved SMR design in the world. Our technology uses conventional nuclear fuel available today. incorporates proven passive safety features and can be deployed where customers need reliable power. Now, I'd like to turn the call over to Ramsey Hamady, our Chief Financial Officer, to provide this quarter's financial update.

Thank you, John, and good afternoon, everyone. Our financial results are available in our filings, so my focus will be on explaining the major line items. U.S. Scale reported revenue of $0.3 million for the three months ending September 30, 2026. compared to $8.2 million in the third quarter last year. The prior year included the front-end engineering and design phase two work in support of the Row Power project, and there was no comparable work in the current quarter. Turning to liquidity, U.S. Scale closed the third quarter with approximately $1.9 billion in liquidity compared to approximately $916 million at the end of the third quarter last year. As we begin to fund first article fabrication activity with Doosan, and continue to advance engineering and licensing readiness ahead of an EntraOne OEM agreement. We have adequate liquidity to fund these activities and we expect capital deployment to continue at a measured and disciplined pace. On operating expenses, we reported 65 million this quarter compared to operating expenses of 549 million for the same period last year. With that, thank you for joining us today and for the continued support of NuScale as we move from readiness to execution. Operator, please open the line for questions.

We will now begin the question and answer session. If you would like to ask a question, please press star 1 to raise your hand and join the queue. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you're muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of George Giannarichis with Canaccord Genuity. Your line is open. Please go ahead.

Hi, everyone. Good afternoon, and thank you for taking my questions. If I may start just on the TVA, and you also mentioned other commercial activity. I mean, clearly, your procurement of some long lead items would indicate that you have some Thank you for your confidence and the conclusion to that. But can you sort of give us a timeline where we can expect a potential commercial agreement and maybe a timeline of the others that you alluded to on the call? Thank you.

John here. Thanks for the question. You know, the process continues. Optimistic about this opportunity and what we can do and what we control, George, is exactly what we stated today is continue to build out our capacity to execute. And as we stated, you know, this movement into first article is a major milestone for us going forward in preparation for a project such as TVA. It basically takes our SMR design into physical hardware. It also helps see risk from engineering to commercial delivery. We're excited about it and we're ready to move. Our customers and investors need evidence that modules can actually build in a nuclear quality standards and on schedule. These first articles help provide that evidence. Not only that, they surface early issues that can be corrected before series production. We're doing everything, George, at our point. We're ready to go, as I commented earlier. So we're, you know, it continues. It is a process. It's been lengthy, we know. But we're doing what we can and what we have control over.

Thank you. And maybe as a follow-up for Ramsey, just on the OpEx, I'm curious as to, how much growth we can expect in that line item if there's the potential for a reduction in the, I think it's around 65 million in quarterly OPEX. Thank you.

George, nice to chat with you and thank you for your questions. While we don't provide guidance as a rule, and we have not in the past, our OPEX should remain fairly constant. I think there's a shift in OPEX now as we focus on projects as we focus on further development. And where you'll see growth is I think once we engage with a project, we hope with TVA and with EnterOne, then you'll see further growth. But that may go through OPEX and some of it may go through Cost of Goods Sold. So it will be spread throughout the income statement. But that's where you'll see the increased spending coming in.

Your next question comes from the line of Nate Pendleton with Texas Capital Bank. Your line is open. Please go ahead.

Good afternoon, and thanks for taking my questions. I wanted to go back to your prepared remarks on the macro opportunity for a moment. Given the recent market volatility, how durable is the demand growth for a new nuclear power industry? How would a slowdown in hyperscaler spending change your outlook on the demand for SMRs?

You know, I can remember looking back when I first came on with NuScale, and I'll never forget the date, December 12, 2013, NuScale had submitted a funding opportunity assessment to the, at the time, Ernie Moniz, the Secretary of Energy under the Obama administration, and on that date, I received a call on December 12th from Bernie's office saying New Scale knocked it out of the park and we're the sole source recipient of that very competitive award. So, you know, as I look forward, New Scale has done well. In fact, Advanced Nuclear overall has done well throughout all administrations. So what we see here and what we can relate, you know, we live on the hill and we get bipartisan support of both D's and R's now They may have differing opinions as it relates to one. They both agree we need 24-7 reliable, clean, carbon-free power. And so where we are today as it relates to data centers, it's probably too early to tell. We know there's a bipartisan push on NIMBY and everything else, but we're not reliant on data centers. And so moving forward, we continue to market hard. We're in conversations with process-oriented companies. You've heard before, we need process heat, we need district heat. Our chief technology officer, José Reyes, is out on the street at many conferences now explaining how New Scale can provide that. Again, having an approved design allows our emergency planning zone to be at the fence line of any given project, so we can be right next to the end user. In fact, we're cranking up marketing right now to go out there, and we've got a series of invites to come visit within the next two weeks that are both process-oriented as well as utilities.

That's really great. Thanks for the detail there. And then, if I could, looking at the fourth... Oh, go ahead. No, no. Please. So, on the fourth bullet on slide six, When we look at the potential first-of-a-kind deployments, do you see a situation where NuScale would take on some cost or performance risk in order to expedite those deployments?

Well, as an OEM supplier, our performance risk is really oriented to that we have the pressure and speed requirements that we say we can deliver. You know, that's the risk we're willing to take. So, you know, and we have a Supply Chain with Warranties and Backstop Us. We feel pretty comfortable. Whatever we can deliver, we can stand behind.

Understood. Appreciate it.

Your next question comes from the line of Eric Stein with Craig Allum. Your line is open. Please go ahead.

Hey, this is Luke. I'm for Eric. Thanks for taking our questions here. So first, Is there any other work you expect to leverage Doosan for in addition to the module fabrication and now the coolant system? And how do you view just the overall evolution and importance of this partnership long term?

We've been working with Doosan and they've been working with us since 2019. It's a true strategic partnership. Not only strategic partnership, they're also an investor in NuScale. What I appreciate about Doosan is they've been very willing to work with us and expanding our capacity and capability. And, you know, but again, part of when we entered into our original agreements, you know, conditionally, any supplier that we have, we're not committed in terms of the fact they still have to prove competitive. So we're, as we stated earlier, we have over 60 suppliers now and we continue to grow that supply base, both in the U.S. and international. If Doosan continues to perform, we'll continue to work with them and give them work. What our suppliers are looking for is not one-off deals. They're looking for a sustainable supply chain. When we first started going out in the U.S. for forging, this is a good example, many of the suppliers said, we're not going to tool up until we have an order book. Many of the suppliers are starting to get more comfortable with that they're working with NuScale. And what we're doing on the manufacturing side, they're coming to the table. We continue to expand our suppliers to the point we're not going to be contingent on any one supplier. We'll have both tertiary or dual opportunities in working with other suppliers.

Got it. Thank you for all the call. They're very helpful. So I guess just switching gears from my second question.

Now going back to Doosan, I'm sorry, I interrupted. Go ahead.

No, go ahead.

No, no, go ahead. No, no, I was just saying we all just got back from Korea. We're excited about this first article. Doosan's excited about the first article. Our supply chain overall is excited. We've moved, you know, we're taking that. Standard Plant Design, and NRC approved, and that we're actually now de-risking this project by, you know, manufacturing hardware.

Right. Okay, thank you. So, just for a follow-up here, could you give a little bit more color on just what

When we went through the first FOA process, part of the stipulation of that was we had to have a customer. And we had a customer. It was a carbon-free power project. And if not by having that customer, we probably would not have had many of the first. We may not even have gotten through the NRC licensing process other than the fact that we had that customer. And as we went through the maturity of the process, We were the OEM, and they had an APC provider that we put together a construction operations license agreement that we'll feel about 50% to 60% of what we did is transferable to another customer. So if you look at what we're looking to do as soon as these contracts are in place, we're going to immediately start working on our COA. We're looking at revenues from service from engineering fees, and then obviously in parallel, will be putting together our OEM contract.

Got it. That's helpful. I'll turn it over. Thank you.

Your next question comes from the line of Christopher Souther with Truist Securities. Your line is open. Please go ahead.

Hey, thanks for taking my questions here. Great to see the continued work on the long lead items. You mentioned OpEx remaining pretty flat. I'm just curious, is there increased, I guess, reacceleration of activity here with Doosan? Is there another line that, you know, increased spending might go through with them? And then can you talk through the other milestones we should be watching for The stuff you can control to prepare for deployment outside of ENTRO-1 and TVA.

Sure. This is Ramsey Hamady. First off, thanks for your question. We can examine the OPEX idea a little bit more closely. Really what T-scale has done is if you look from 2024 and 2025, we were very disciplined. We showed great ability to manage OpEx within a plus or minus 5% band for eight straight quarters. That's the management team that's taking place right now. I say that because we are very deliberate about our management of OpEx. As we approach this year, some of the work we were doing with Rowe Power wound down, as reflects our revenues, but we chose to retain Some of that critical intellectual talent and keep them within the company. And so they come off projects, they come off cost of goods sold, and they move on to the OPEX line. That's deliberate. Our OPEX has gone up through deliberate choices to retain intellectual talent. As we go through to develop projects, in fact, with Doosan, you'll see those fences running through the balance sheet as we accrue Just as we have today, we have long lead materials under WIP on our balance sheet. You've seen those go up quarter over quarter slightly as we continue to invest in that WIP, that work in progress and inventory. And you'll see that accruing as well in the balance sheet as we build up the work with Tucson. Once we sell those assets through an OEM contract, you'll then see them expensed through a cost of goods sold on our income statement. This is all very controlled. It's all very deliberate. It's all part of an intended plan of action. And the great thing is that management pulled $1.9 billion of cash on the balance sheet. We've held that. It gives us a very conservative, very strong liquidity position. It's built for the long term.

Got it. Oh, that's super helpful, Ramsey. Thank you. And then maybe just a little bit on EntraOne and TVI. I know you guys are, you know, don't want to speak for your customer, but it was about a year ago, EntraOne was included in the U.S.-Japan framework agreement. I'm curious if there's any update you guys can point to around, you know, that kind of framework agreement and kind of the discussions around that funding would be helpful.

Sure, this is Ramsey Hamady. I'm so glad you bring up our strategic investors from Korea and Japan. Just as John Hopkins and Carl Fisher were recently in Korea working with Doosan and signing their first articles, I was in Japan working with Javik, speaking with METI, and with our JNI strategic investors. including IHI, JGC, and Chubu in addition to JVIC. And I think the important component of this, and I think John mentioned before, is we've been working with our agent strategists for many, many years. They're part of our original investors. They maintain positions that are equity-based, and they continue to support us from a strategic perspective. The alliance between the U.S. and Japan is very strong and remains very strong and continues to see investment and we remain supported by those critical Asian and Japanese, excuse me, Korean and Japanese strategic investors.

Your next question comes from the line of Craig Shear with Tuohy Brothers. Your line is open. Please go ahead.

Good afternoon. Thanks for taking the questions. So it kind of feels like, you know, in addition to obviously guaranteeing the deliverability and major equipment as soon as you have an order, it seems like you're really, you know, keying up the cost side of this whole thing so that once you have an intro line order, you should be able to provide relatively quickly some definitive margin clarity. Is that correct?

Yeah, I think that's correct. Once we have an order to work out an OEM agreement, we'll have further clarity on margins. These agreements are longer delivery schedules, but this is part of a deliberate business plan. We have a good sense of cost. We're further refining our sense of cost. The first article will continue to do that, and we'll be able to give guidance soon. That's our objective. We want to be able to give guidance to the street. We want to help the street understand our profitability and to assess the true value of New Scale.

Great. And I'm just wondering if you can... You mentioned that because of the agreements with Doosan and others that CapEx or major equipment payments will be ticking up a bit. Historically... I just looked at the cash flow statement quarterly and I think there was a big blip on long lead time material work in process in second quarter 25. That was just over $19 million, not huge. Do you see anything much more material than that quarterly going forward? I mean, do we have, you know, is there anything really chunky before final orders?

So that blip that you would have seen, I think, would have been the task order to produce long-lead materials in respect of modules 7 through 12. Because previously, in respect of the CFPB project, that was a six-module project. So we started the long-lead materials for six modules. When we understood that the customer demand... was for gigawatt-sized 12-module power plants. We started to produce long-lead materials for modules 7 through 12. What will we see in the future? Well, we continue to invest in building these modules. We signed with First Oracle, with Doosan. We have signed with other supply chain partners. We'll continue to invest in supply chain. I think what's important to understand is when we build these modules, when we invest in it, and when you see the capex going up, this isn't really capex in the sense that we're building factories, right? This is investments in inventory. This is all cash that we will receive back through the sale of modules and OEM agreement. And with $1.9 billion in cash and ability to maintain very close monitoring of our OPEX, we're in good shape to do this.

So the presumption is we're going to start seeing more meaningful quarterly. So you take your cash assets and transfer it more into inventory.

I think the right way to frame it is that New Scale is building NPMs. We're going to build NPMs because we're here to sell NPMs.

Okay, thank you.

We have the cash to do it. Yep, thank you.

Your next question comes from the line of Derek Soderbergh with Cantor Fitzgerald. Your line is open. Please go ahead.

Yeah, thanks for taking my questions. So once the PPA is signed, can you just remind us what the remaining steps are to really securing that binding module order? And does the PPA itself, the signage of that? actually trigger a model order in any way. Just can you just remind us of that process, and then I've got to follow up. Thanks.

Oh, that's a great question. The answer is yes. Once our PPA is initiated, this is why we're doing everything we can that's in our control right now to be ready for that so we can quickly enter into the areas that we mentioned earlier, the COLA and long meat items. So I've mentioned earlier, long lead items are exactly what we stated, long lead items. It takes years to get these things manufactured. And we've been working with Doosan, as we stated, for those six modules for some time. They're ready to pretty soon come off the production line. So as much as we can to be ready, once that PPA, we're ready to move now.

Got it, got it. And John, I guess I'm curious your thoughts on the midterm election results. Any thoughts on, you know, anything sort of changing for you guys? Anything you can change to potential funding? Just your thoughts there. Thanks.

No, I think as I stated earlier, you know, I've been doing this now since we got our first award back in 2012. One thing in working the Hill, you know, you have the outliers, but for the most part, both the D's and the R's are pro-nuclear. You know, I think in 2025, if you look at, I think it was called the Pew analysis, that some 60 plus percent of the current population of the United States has become pro-nuclear, whereas back in 2020, I think it was like 40 percent. So the groundswell continues to build. People want clean, reliable, 24-7 power. You know, and I look back even during that period of time, you know, we've had numerous discussions with renewable companies who wrote technical papers on our capacity to work with renewables and load following. So, you know, back in the early days when we were talking about the duck curve, you know, when the wind's not blowing, we can crank up and crank down as necessary and stay with solar. So we've even had discussions with these companies. How do we work together? So I envision that's going to continue to go forward.

Also, if I can clarify on your second question, I believe you may have asked if the PPA would then lead to the sale of the module. And while our expectation is the PPA is the next step, which eventually leads to the sale of modules, The PPA in itself, I don't know that I have to clarify this, but the PPA in itself is not a sale of modules. PPA is between Hector One and TVA. We expect that work will come after the PPA for pre-engineering, pre-delivery services, COLO work, you know, a host of engineering work potentially. And then the sale of the module will come with an OEM agreement between New Scale and Hector One. Just to clarify the sequencing there.

Got it. Thanks, guys. Thank you.

Your next question comes from the line of Seth Basham with Wedbush Securities. Your line is open.

Please go ahead. Thanks a lot. Good afternoon. Thanks for taking my question. The first part of my question is related to row power. And if you could just give us an update on the status of that project and what we can expect over the next few months.

It's, you know, we've been waiting. There's a new administration that just came into place. I know there's been some public announcements. We continue ongoing dialogue with both Rowe Power and Nuclear Electric, one of their major shareholders. And I recently sent out a request to go visit with the current administration to provide, get some insight in terms of where is this government headed. So at this time, that's all we know.

Fair enough. And then separately, just following up on some other questions earlier, thinking about the next steps in terms of strategic investments needed to move towards full-scale production, could you identify any other significant investments that you're planning besides the work with Doosan, and what's the timing associated with them?

We do not have any other significant investments that we are communicating publicly at this time.

All right, fair enough. Thank you so much. Thank you.

There are no further questions at this time. I will now turn the call back to John Hopkins for closing remarks.

Thank you. You know, while others remain in the early stages of regulatory review, Technology Development Fuel Qualification