Empowering mPower - agreements with Applied Atomics and Core Power

Research evidence excerpt

Empowering mPower - agreements with Applied Atomics and Core Power

June 17, 2026 BWX Technologies, Inc.

(BWXT, Buy, $235 PT)

Andre Madrid

Empowering mPower - agreements with Applied Atomics and Core (332) 400-5033 amadrid@btig.comAEROSPACE Power Ned Morgan

(212) 882-2357 nmorgan@btig.com

WHAT YOU SHOULD KNOW: Over the past two days, BWX Technologies has announced Company DataAND two agreements for its mPower small modular reactor (SMR) technology. Last night, Closing Price $193.94

Core Power (Private) announced that it was launching a feasibility study to explore

Price Target $235.00 integrating BWXT's mPower technology into the development of Floating Nuclear

Power Plants (FNPPs). Market Cap (M) $17,824.75

Enterprise Value (M) $21,477.04DEFENSE This morning, Applied Atomics (Private) also announced a licensing agreement for Shares Out (M) 91.91 mPower, with BWXT retaining IP ownership and exclusive manufacturing rights for all

components and royalty rights for any third party components manufactured. Through Avg Daily Vol-3 Months (M) 1.01

the agreement, Applied Atomics plans to proceed with certifying the mPower design Dividend / Yield $1.00 / 0.5%

through the Nuclear Regulatory Commission with plans for eventual commercial Revenue (M)EQUITY deployment. FY Dec 2025A 2026E 2027E

In our view, we look favorably upon these agreements as they provide BWXT with Q1 682.26 860.22A -

longer-term upside without the need for incremental investment. Nevertheless, it is Q2 764.04 906.64 -

too early to size up the potential financial impact. That being so, we leave our estimates Q3 866.29 981.40 -

unchanged. Q4 885.84 1,046.07 -RESEARCH ■ Background: mPower was a 195-MW integral pressurized water reactor (PWR) FY REV 3,198.43 3,794.33 4,042.56

design that was shelved in the 2010s.