NuScale Power Q3 2026 Earnings Call Transcript
NuScale Power (NYSE:SMR) reported third-quarter financial results on Thursday. The transcript from the company’s third-quarter earnings call has been provided below.
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Summary
NuScale Power has transitioned from development to physical production, signing a landmark agreement with Doosan Enerbility to manufacture the first NuScale Power Module.
The company is strengthening its OEM capabilities, supply chain readiness and regulatory approvals to ensure readiness for commercial deployment.
NuScale Power reported a decrease in quarterly revenue to $0.3 million from $8.2 million the previous year, attributed to the lack of comparable front-end engineering work.
The company ended the quarter with $1.9 billion in liquidity, up from $916 million, supporting ongoing fabrication and engineering activities.
Operational expenses increased to $65 million from $54.9 million year-over-year, reflecting the company’s focus on project readiness and talent retention.
NuScale Power is actively engaging with potential customers beyond TVA, including utilities and industrial clients, to expand its market presence.
The company is preparing for deployment by securing supply chain partners and advancing engineering and licensing readiness, with a focus on reducing execution risks.
Management emphasized bipartisan support for nuclear energy, pointing to a broader acceptance and demand for clean, reliable power.
Full Transcript
OPERATOR
At this time I would like to turn the call over to Jennifer Hills, VP of Finance. Please go ahead.
Jennifer Hills (Vice President of Finance)
Thank you, operator. Joining me today is John Hopkins, President and Chief Executive Officer, and Robert Ramsey Hamady, Chief Financial Officer of NuScale Power. 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 2, the information set forth in the presentation and discussed during the course of our remarks and 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 31, 2025 and to our subsequent SEC filings.
I will now turn the call over to John.
John L Hopkins (Chief Executive Officer)
Thank you, Jennifer, and good afternoon everyone. As slide 3 highlights, in recent quarters we’ve discussed NuScale Power’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 progressed from development to physical production. We are proud to have entered into a landmark agreement with Doosan Enerbility to manufacture the first-article production of the NuScale 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 ENTRA1 Energy continues its work to finalize arrangements required for project development, NuScale Power 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 Power 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 converging 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 Power is positioning for its next phase of growth. Execution is already underway. NuScale Power is moving from commercial agreements to delivery readiness as ENTRA1 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 Power 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 NuScale Power 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 Power’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 operating license application for the potential Tennessee Valley Authority project. This is familiar ground for NuScale Power. 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 team is similarly engaged, drawing on experience from RoPower and other programs. Once an EPC contractor is selected, NuScale Power will support that work under a separate contract covering our proprietary design. This structure keeps NuScale Power 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 Framatome.
These are longer-dated opportunities, but we are laying the groundwork now so that NuScale Power is ready when the program requires them. 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 baseload power. These discussions reflect a growing recognition that technology readiness, regulatory certainty, and the ability to execute are increasingly important factors in selecting nuclear energy solutions. Our business model combines ENTRA1’s commercial development capabilities with NuScale Power’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 are actively pursuing opportunities across multiple markets and expect to provide further updates as discussions mature into actionable commercial commitments. For NuScale Power shareholders, the opportunity is not simply one project; it is the potential to establish a scalable global OEM business capable of supporting multiple customers and deployments over decades.
Now turning to slide 4, let me expand on the significance of last week’s agreement with our long-standing partner Doosan Enerbility to manufacture components for the initial NuScale Power Module. NuScale Power’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 Power to execute when orders are secured, with component costs expected to be recovered through the 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 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, and in some cases placed into production, reducing schedule risk and accelerating the path to power generation.
As highlighted on slide 5, a few strategic relationships are already removing long-lead risks from our critical path. Framatome, a world-class nuclear fuel supplier, is completing NuScale Power 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 Power jointly owning the underlying intellectual property across the broadest 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 Milini Tech we reached a first-of-a-kind fabrication milestone for the passive emergency core cooling system. Turning to Romania, with the 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, so 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 and 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 Power 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 recurring 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 customer opportunities progress. NuScale Power 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 Robert Ramsey Hamady, our Chief Financial Officer, to provide this quarter’s financial update.
Jennifer Hills (Vice President of Finance)
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. NuScale Power 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 includes front-end engineering and design phase two work in support of the RO Power project, and there was no comparable work in the current quarter.
Turning to liquidity, NuScale 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 Entra 1 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 54.9 million for the same period last year. With that, thank you for joining us today and for your continued support of NuScale as we move from readiness to execution. Operator, please open the line for questions.
OPERATOR
We will now begin the question-and-answer session. If you would like to ask a question, please press star one to raise your hand and join the queue. To withdraw your question, press star one. 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 Gianarikas with Canaccord Genuity. Your line is open. Please go ahead.
George Gianarikas (Analyst)
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. Clearly your procurement of some long-lead items would indicate that you have some confidence in the conclusion to that, but can you just 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 L Hopkins (Chief Executive Officer)
John here. Thanks for the question. You know, the process continues, and we’re optimistic about this opportunity. And what we can do and what we can control, George, is exactly what we stated today: continue to build out capacity to execute. And as we stated, 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, and it also helps de-risk from engineering to commercial delivery.
So we’re excited about it, and we’re ready to move. Our customers and investors need evidence that modules can actually be built to nuclear quality standards and on schedule, and these first articles help provide that evidence. And not only that, they surface early issues that can be corrected before series production. So we’re doing everything, George. At our point, we’re ready to go, as I commented earlier. It is a process. It’s been lengthy, we know, but we’re doing what we can and what we have control over.
George Gianarikas (Analyst)
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.
Robert Ramsey Hamady (Chief Financial Officer)
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 Entra 1—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’ll be spread throughout the income statement.
But that’s where you’ll see the increased spending coming in.
George Gianarikas (Analyst)
Thank you.
OPERATOR
Your next question comes from the line of Nate Pendleton with Texas Capital Bank. Your line is open. Please go ahead.
Nate Pendleton (Analyst)
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 new nuclear power, and how would a slowdown in hyperscaler spending change your outlook on the demand for SMRs?
John L Hopkins (Chief Executive Officer)
You know, I can remember looking back when I first came on with NuScale, and I’ll never forget the date—12-12-2013. NuScale had submitted a funding opportunity assessment to the—at the time Ernie Moniz was Secretary of Energy under the Obama administration. And on that day I received a call on December 12th from Ernie’s office, and NuScale knocked it out of the park, and we were the sole source recipient of that very competitive award. So, as I look forward, NuScale 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’ve got bipartisan support of both Ds and Rs. Now, they may have differing opinions as it relates to one thing or another; 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, you know, 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 know, you’ve heard before we need process heat, we need district heat. Our Chief Technology Officer Jose Reyes is out on the street at many conferences now explaining how NuScale can provide that.
Again, having an approved design, it allows our emergency planning zone to be at the fence line of any given project, so we could be right next to the end user. So, 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.
Nate Pendleton (Analyst)
That’s really great. Thanks for the detail there. And then if I could—looking at this for—
John L Hopkins (Chief Executive Officer)
No, no, please.
Nate Pendleton (Analyst)
Sure. 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?
John L Hopkins (Chief Executive Officer)
Well, as an OEM supplier, our performance risk is really oriented to the— 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. And we have a supply chain with warranties to backstop us, and we feel pretty comfortable. Whatever we can deliver, we can stand behind.
Nate Pendleton (Analyst)
Understood. Appreciate it.
OPERATOR
Your next question comes from the line of Eric Stein with Craig-Hallum. Your line is open. Please go ahead.
Luca (Analyst)
Hey, this is Luca for Eric. Thanks for taking our questions here. So first, is there any other work you expect to leverage Doosan for in addition to module fabrication and now the coolant system? And how do you view just the overall evolution and importance of this partnership long term?
John L Hopkins (Chief Executive Officer)
We’ve been working with Doosan, and they’ve been working with us since 2019. It’s a true strategic partnership. Not only a strategic partnership, they’re also an investor in NuScale. What I appreciate about Doosan is they’ve been very willing to work with us in expanding our capacity and capability. But again, when we entered into our original agreements, conditionally, any supplier that we have—we’re not committed in terms of the fact they still have to prove competitive.
So, 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. And if Doosan continues to perform, we’ll continue to work with them and give them work. And 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 forgings is a good example. Many of the suppliers said, “We’re not going to tool up until we have an order book.” And many of the suppliers are starting to get more comfortable that they’re working with NuScale.
In 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.
Luca (Analyst)
Got it. Thank you for all the color. Very helpful. So I guess just switching gears—
John L Hopkins (Chief Executive Officer)
My—you know, we— I’m sorry, I interrupted. Go ahead. No, 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 that 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.
Luca (Analyst)
No, no, go ahead, finish. Right. Okay, thank you. So just for a follow-up here, could you give a little bit more color on just what parts of the COLA that you worked on the Carbon Free project you anticipate will be repeatable for other applications, along with just the general knowledge you’ve gained by engaging with the NRC for all these years? You kind of touched on a little in the prepared remarks, but like to hear just some extended thoughts on that.
John L Hopkins (Chief Executive Officer)
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 the Carbon Free Power Project. If not for having that customer, we probably would not have had many of the firsts; 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 EPC provider.
We put together a combined operating license application—COLA—that we 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 COLA. We’re looking at revenues from service, from engineering fees, and then obviously in parallel we’ll be putting together our OEM contract.
Luca (Analyst)
Got it. That’s helpful. I’ll turn it over. Thank you.
OPERATOR
Your next question comes from the line of Christopher Souther with Truist Securities. Your line is open. Please go ahead.
Christopher Souther (Analyst)
Hey, thanks for taking my questions here. It’s great to see the continued work on the long-lead items you mentioned. OpEx remaining pretty flat—I’m just curious, as there is increased, I guess, re-acceleration of activity here with Doosan, is there another line that increased spending might go through with them? And then can you talk through any other milestones we should be watching for—the stuff you can control—to prepare for deployments outside of Entra 1 and TVA?
Robert Ramsey Hamady (Chief Financial Officer)
Sure. This is Robert Ramsey Hamady. First off, thanks for your question. We can examine the OPEX idea a little bit more closely. Really what NuScale Power 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 sitting in 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 that we were doing with RoPower wound down as reflecting 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 onto 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 expenses 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, that inventory. And you’ll see that accruing as well in the balance sheet as we build up the work with Doosan. Once we sell those assets through an OEM contract, you’ll then see them expensed or 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. Sure. This is Robert 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 JBIC, speaking with METI and with our Asian strategic investors including IHI, JGC and Chubu in addition to JBIC. And I think the important component of this, and I think John mentioned before, as we’ve been working with our Asian strategics for many, many years, they’re part of our original investors.
They maintain positions in our equity base and they continue to support us. From a strategic perspective, the alliance between the US and Japan is very strong. It remains very strong, continues to see investment and we remain supported by those critical Korean, Japanese strategic investors.
OPERATOR
Your next question comes from the line of Craig Scheer with Tuohy Brothers. Your line is open. Please go ahead.
Craig Scheer (Analyst at Tuohy Brothers)
Good afternoon. Thanks for taking the questions. So it kind of feels like, you know, in addition to obviously guaranteeing the deliverability of major equipment, as soon as you have an order, seems like you’re really, you know, teeing up the cost side of this whole thing so that once you have an Entra 1 order, you should be able to provide relatively quickly some definitive margin clarity. Is that correct?
Robert Ramsey Hamady (Chief Financial Officer)
Yeah, I think that’s correct. Once we have an order and work out an OEM agreement, you know, we’ll have further clarity on margins. These agreements are longer delivery schedules. But this is part of a deliberate business plan. You know, 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. And 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 NuScale.
Craig Scheer (Analyst at Tuohy Brothers)
Great. And I’m just wondering if you can. You mentioned that because of the agreements, you know, with Doosan and others that CAPEX or major equipment payments will be ticking up a bit. Historically, you know, I just look 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, but 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?
Robert Ramsey Hamady (Chief Financial Officer)
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 to the CFPP 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‑size 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 article 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 we’re building factories. This is investments in inventory. This is all cash that we will receive back through the sale of modules in an 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.
Craig Scheer (Analyst at Tuohy Brothers)
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.
Robert Ramsey Hamady (Chief Financial Officer)
I think the right way to frame it is that NuScale is building NPMs. We’re going to build NPMs because we’re here selling NPMs.
Craig Scheer (Analyst at Tuohy Brothers)
Okay, thank you. You have the cash to do it?
Robert Ramsey Hamady (Chief Financial Officer)
Yep. Thank you.
OPERATOR
Your next question comes from the line of Derek Soderbergh with Cantor Fitzgerald. Your line is open. Please go ahead.
Derek Soderbergh (Analyst)
Yeah, thanks for taking my questions. So once the TVA PPA is signed, can you just remind us what the remaining steps are to, you know, really securing that binding module order and does the PPA itself, the signage of that, actually trigger a module order in any way? Just can you just remind us of that process? And then I’ve got a follow‑up. Thanks.
John L Hopkins (Chief Executive Officer)
No, that’s a great question. The answer is yes. Once that PPA is initiated—this way, 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 lead items. So I’ve mentioned earlier, you know, 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.
Derek Soderbergh (Analyst)
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? Any change to potential funding? Just your thoughts there. Thanks.
John L Hopkins (Chief Executive Officer)
No, I think as I stated earlier, you know, I’ve been doing this now since we got our first award back in 2012. And one thing, in working the Hill, you know, you have the outliers, but for the most part both the Ds and the Rs are pro‑nuclear. You know, I think in 2025, if you look at—I think it was what’s called the Pew analysis—that some 60‑plus percent of the current population in the United States has become pro‑nuclear, whereas back in 2020 I think it was like 40%.
So the groundswell continues to build. The 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 where we wrote technical papers on our capacity to work with renewables and load following. So, you know, back in the early days when they were talking about the duck curve, you know, when the wind’s not blowing, we can crank up and crank down as necessary—same 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.
Robert Ramsey Hamady (Chief Financial Officer)
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 have to clarify this—the PPA in itself is not the sale of modules. The PPA is between Entra 1 and TVA. We expect that work will come after the PPA for pre‑engineering, pre‑delivery services, COLA work, you know, a host of engineering work potentially.
And then the sale of the module will come with an OEM agreement between NuScale and Entra 1, just to clarify the sequencing there.
Derek Soderbergh (Analyst)
Got it. Thanks guys.
John L Hopkins (Chief Executive Officer)
Thank you.
OPERATOR
Your next question comes from the line of Seth Basham with Wedbush Securities. Your line is open. Please go ahead.
Seth Basham (Analyst)
Thanks a lot. Good afternoon. Thanks for taking my question. The first part of my question is related to RoPower 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.
John L Hopkins (Chief Executive Officer)
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 RoPower and Nuclearelectrica, one of their major shareholders. And I have recently sent out a request to go visit with the current administration to get some insight in terms of where is this government headed. So at this time that’s all we know.
Seth Basham (Analyst)
Fair enough. And then separately, just following up on some of the 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?
Robert Ramsey Hamady (Chief Financial Officer)
We do not have any other significant investments that we are communicating publicly at this time.
Seth Basham (Analyst)
All right, fair enough. Thank you so much.
John L Hopkins (Chief Executive Officer)
Thank you.
OPERATOR
There are no further questions at this time. I will now turn the call back to John Hopkins for closing remarks.
John L Hopkins (Chief Executive Officer)
Thank you. You know, while others remain in the early stages of regulatory review, technology development, fuel qualification, as we stated, we’re advancing towards commercial deployment now. This positions us to deliver value for our shareholders as demand for scalable, carbon‑free energy continues to grow. NuScale’s focus is clear: securing customer commitments, achieving manufacturing deployment milestones, converting backlog into revenue and building a scalable, profitable business.
As we stated, we are ready, we’re executing and our next chapter will not be measured simply by milestones achieved, but revenues generated, projects delivered and lasting value to our shareholders. Thank you for your continued confidence and support.
OPERATOR
This concludes today’s call. Thank you for attending. You may now disconnect.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.