SMR: 1Q26 Earnings Recap

Research evidence excerpt

SMR: 1Q26 Earnings Recap

027. The process continues to be subject to delays vs Priced as of prior trading day's market close, EST (unless otherwise noted).

initial expectations, but the progression forward is a positive indicator.

ENTRA1/TVA. SMR's partner ENTRA1 continues work with TVA to execute

a PPA agreement which would then lead to an OEM order for SMR.

Management indicated it is hopeful that TVA can get across the line this

year. Post the PPA signing, NuScale expects similar early stage revenues to

the earlier phases of the RoPower work. Once the PPA is in place NuScale

expects to quickly negotiate the OEM agreement as sites have been

identified. Overall, management reaffirmed its confidence in continued

progress and strength in partnerships, but we view timing as somewhat of

an unknown as a number of steps are still needed to reach FID.

LEU supply visibility. NuScale has strong visibility for LEU supply and in

March the company expanded its partnership with Framatome to include

Framatome's EU facilities for fuel fabrication while also notifying the

Richland facility to fabricate fuel for NuScale in the next five years.

Liquidity. The company ended the quarter with ~$1bn in cash, cash

equivalents, and investments is down from $1.3bn last quarter, driven by

negative operating and investing cash flows. Net proceeds from the ATM

were ~$37mm in the quarter and the company has a remaining balance of

~$960mm (the company increased its ATM up to $1bn in February).

Estimate changes: We lower our near-term estimates reflecting project

timing risk, but this does impact our longer-term valuation or PT

Disseminated: May 11, 2026 06:27EDT; Produced: May 11, 2026 06:27EDT

For Required Conflicts Disclosures, see page 6