# EDGAR Filing Document

**Accession Number:** 0001822966
**File Stem:** 0001822966-25-000133
**Filing Date:** 2025-8
**Character Count:** 146649
**Document Hash:** 7642b2f332013f032e1375b7aac1755c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001822966-25-000133.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001822966-25-000133

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUSCALE POWER Corp
- **CENTRAL INDEX KEY:** 0001822966
- **STANDARD INDUSTRIAL CLASSIFICATION:** FABRICATED PLATE WORK (BOILER SHOPS) [3443]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 852715384
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39736
- **FILM NUMBER:** 251195289

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 NE CIRCLE BLVD., SUITE 200
- **CITY:** CORVALLIS
- **STATE:** OR
- **ZIP:** 97330
- **BUSINESS PHONE:** (971) 371-1592

**MAIL ADDRESS:**
- **STREET 1:** 1100 NE CIRCLE BLVD., SUITE 200
- **CITY:** CORVALLIS
- **STATE:** OR
- **ZIP:** 97330

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPRING VALLEY ACQUISITION CORP.
- **DATE OF NAME CHANGE:** 20200828

?xml version='1.0' encoding='ASCII'? smr-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**______________________**

**FORM 10-Q**

**______________________**

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended June 30, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from _____________ to ____________**

**Commission file number 001-04321** 

**______________________**

**NUSCALE POWER CORPORATION**

**(Exact name of registrant as specified in its charter)**

**______________________**

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | | | **98-1588588** |
| (State or other jurisdiction of <br>incorporation or organization) | | | (I.R.S. Employer Identification No.) |
| **1100 NE Circle Blvd., Suite 200** | **Corvallis** | **Oregon** | **97330** |
| (Address of Principal Executive Offices) | | | (Zip Code) |

---

**(971) 371-1592**

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A common stock, $0.0001 par value per share | **SMR** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☑ | Accelerated filer | ☐ |
| Non-accelerated filer | □ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes □ No ⌧

The registrant had 133,893,376 Class A common shares, $0.0001 par value, and 150,983,449 Class B common shares, $0.0001 par value, outstanding as of August 5, 2025.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page Number** |
| Glossary of Terms | Glossary of Terms | |
| Cautionary Note Regarding Forward-Looking Statements | Cautionary Note Regarding Forward-Looking Statements | |
| **[Part I - Financial Information](#i61e0bff6af74479a9508b3283b3b7fb8_16)** | **[Part I - Financial Information](#i61e0bff6af74479a9508b3283b3b7fb8_16)** | |
| [Item 1.](#i61e0bff6af74479a9508b3283b3b7fb8_19) | [Financial Statements](#i61e0bff6af74479a9508b3283b3b7fb8_16) | [1](#i61e0bff6af74479a9508b3283b3b7fb8_16) |
| [Item 2.](#i61e0bff6af74479a9508b3283b3b7fb8_106) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#i61e0bff6af74479a9508b3283b3b7fb8_106) | [17](#i61e0bff6af74479a9508b3283b3b7fb8_106) |
| [Item 3.](#i61e0bff6af74479a9508b3283b3b7fb8_145) | [Quantitative and Qualitative Disclosures About Market Risk](#i61e0bff6af74479a9508b3283b3b7fb8_145) | [21](#i61e0bff6af74479a9508b3283b3b7fb8_145) |
| [Item 4.](#i61e0bff6af74479a9508b3283b3b7fb8_148) | [Controls and Procedures](#i61e0bff6af74479a9508b3283b3b7fb8_148) | [21](#i61e0bff6af74479a9508b3283b3b7fb8_148) |
| **[Part II - Other Information](#i61e0bff6af74479a9508b3283b3b7fb8_151)** | **[Part II - Other Information](#i61e0bff6af74479a9508b3283b3b7fb8_151)** | |
| [Item 1.](#i61e0bff6af74479a9508b3283b3b7fb8_154) | [Legal Proceedings](#i61e0bff6af74479a9508b3283b3b7fb8_154) | [23](#i61e0bff6af74479a9508b3283b3b7fb8_154) |
| [Item 1A.](#i61e0bff6af74479a9508b3283b3b7fb8_157) | [Risk Factors](#i61e0bff6af74479a9508b3283b3b7fb8_157) | [23](#i61e0bff6af74479a9508b3283b3b7fb8_157) |
| [Item 2.](#i61e0bff6af74479a9508b3283b3b7fb8_160) | [Unregistered Sales of Equity Securities and Use of Proceeds](#i61e0bff6af74479a9508b3283b3b7fb8_160) | [25](#i61e0bff6af74479a9508b3283b3b7fb8_160) |
| [Item 3.](#i61e0bff6af74479a9508b3283b3b7fb8_163) | [Defaults Upon Senior Securities](#i61e0bff6af74479a9508b3283b3b7fb8_163) | [25](#i61e0bff6af74479a9508b3283b3b7fb8_163) |
| [Item 4.](#i61e0bff6af74479a9508b3283b3b7fb8_166) | [Mine Safety Disclosures](#i61e0bff6af74479a9508b3283b3b7fb8_166) | [25](#i61e0bff6af74479a9508b3283b3b7fb8_166) |
| [Item 5.](#i61e0bff6af74479a9508b3283b3b7fb8_169) | [Other Information](#i61e0bff6af74479a9508b3283b3b7fb8_169) | [25](#i61e0bff6af74479a9508b3283b3b7fb8_169) |
| [Item 6.](#i61e0bff6af74479a9508b3283b3b7fb8_175) | [Exhibits](#i61e0bff6af74479a9508b3283b3b7fb8_175) | [25](#i61e0bff6af74479a9508b3283b3b7fb8_175) |
| [Signatures](#i61e0bff6af74479a9508b3283b3b7fb8_178) | [Signatures](#i61e0bff6af74479a9508b3283b3b7fb8_178) | [26](#i61e0bff6af74479a9508b3283b3b7fb8_178) |

---

------

**Glossary**

The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing.

• *"CFPP LLC" refers to Carbon Free Power Project, LLC, an entity wholly owned by UAMPS.*

• *"Class A common stock" refers to shares of Class A common stock, par value $0.0001 per share, of NuScale Corp.*

• *"Class B common stock" refers to shares of Class B common stock, par value $0.0001 per share, of NuScale Corp, which represents the right to one vote per share and carries no economic rights.*

• *"Combined interests" refers to the combination of shares of Class B common stock and NuScale LLC Class B units required to be exchanged for Class A common stock.*

• *"Common stock" refers collectively to shares of Class A common stock and Class B common stock.*

• *"DOE" refers to the U.S. Department of Energy.*

• *"ENTRA1" refers to ENTRA1 Energy LLC.*

• *"Exchange Act" refers to the Securities Exchange Act of 1934, as amended.*

• *"Fluor" refers to Fluor Enterprises, Inc., a California corporation, which is wholly owned by Fluor*

*Corporation (NYSE: FLR).*

• *"GAAP" refers to United States Generally Accepted Accounting Principles.*

• *"G&A" expenses refers to general and administrative expenses.*

• *"IPO" refers to the initial public offering of Spring Valley, which closed on November 27, 2020.*

• *"Legacy NuScale Equityholders" refers to the holders of NuScale LLC Class B units.*

• *"LLM Agreement" refers to the Long Lead Material Reimbursement Agreement, dated February 28, 2023, entered into between NuScale LLC and CFPP LLC.*

• *"Merger" refers to the merger of Merger Sub with and into NuScale LLC, with NuScale LLC as the surviving entity.*

• *"Merger Agreement" refers to the Agreement and Plan of Merger, dated as of December 13, 2021 (as amended, modified, supplemented or waived from time to time), between Spring Valley, Merger Sub and NuScale LLC.*

• *"Merger Sub" refers to Spring Valley Merger Sub, LLC, an Oregon limited liability company and a wholly owned subsidiary of Spring Valley.*

• *"MWe" refers to one million watts of electric power, i.e. megawatts.*

• *"NPM" refers to NuScale Power Module™.*

• *"NRC" refers to the U.S. Nuclear Regulatory Commission.*

• *"NuScale" refers to NuScale Corp and its consolidated subsidiaries, including NuScale LLC.*

• *"NuScale Corp" refers to NuScale Power Corporation, a Delaware corporation and the combined company following the consummation of the Transaction.* 

• *"NuScale LLC" refers to NuScale Power, LLC, an Oregon limited liability company.*

• *"NuScale LLC Class B units" refers to non-voting, Class B units of NuScale LLC.*

• *"Private Placement Warrants" refers to the 8,900,000 warrants to purchase Spring Valley Class A ordinary shares that*

*were issued in a private placement concurrently with the IPO and converted in the Transaction into warrants to purchase Class A common stock.*

• *"Public Warrants" refers to the 11,500,000 redeemable warrants issued in the IPO and converted in the Transaction*

*into warrants to purchase Class A common stock.*

• *"R&D" refers to research and development.*

• *"RSUs" refers to restricted stock units.*

• *"Release Agreement" refers to the Confidential Settlement and Release Agreement, dated November 7, 2023, entered into between NuScale Power, LLC and CFPP LLC.*

• *"SEC" refers to the U.S. Securities and Exchange Commission.*

• *"SDA" refers to Standard Design Approval.*

• *"SMR" refers to small modular reactor.*

• *"Spring Valley" refers to NuScale Corp prior to the Merger and prior to the change of its name from Spring Valley Acquisition Corp. to NuScale Power Corporation.*

• *"Transaction" refers to the transactions contemplated by the Merger Agreement during the 2022 fiscal year.*

• *"UAMPS" refers to the Utah Associated Municipal Power Systems.*

• *"Warrants" refers collectively to the Public Warrants and the Private Placement Warrants.*

------

**Cautionary Note Regarding Forward-Looking Statements**

This Quarterly Report on Form 10-Q includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act, as amended by the Private Securities Litigation Reform Act of 1995, that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q, including, without limitation, statements regarding our financial position and business strategy and the expectations, beliefs, intentions, plans and objectives of management for future operations, are forward-looking statements. Words such as "expect," "believe," "anticipate," "intend," "continue," "could," "may," "might," "plan," "possible," "potential," "predict," "project," "will," "would," "estimate," "seek" and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Quarterly Report may include, for example, statements about:

• our need for and ability to obtain additional equity financing or other sources of funding;

• our financial and business performance, including financial projections and business metrics;

• our expectations regarding obtaining regulatory approvals, and the timing thereof, to deploy our SMRs in the United States and abroad;

• forecasts regarding end-customer adoption rates and demand for our products in markets that are new and rapidly evolving;

• macroeconomic conditions;

• developments and projections relating to our partners, competitors and industry;

• limitations on the effectiveness of our controls and procedures and our remediation plans related thereto;

• our anticipated growth rates and market opportunities;

• litigation contingencies; and

• the potential for our business development efforts to maximize the potential value of our portfolio.

Such forward-looking statements relate to future events or future performance, but reflect management's current beliefs, based on information currently available. Many factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, and there can be no assurance that future developments affecting us will be those we have anticipated.

Important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, are described in the section titled "*Risk Factors*" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "2024 Annual Report on Form 10-K"). If one or more of those risks or uncertainties materialize, or if any of our assumptions prove incorrect, actual results may vary in material respects from those projected in those forward-looking statements. There may be additional risks that we currently consider immaterial, or which are unknown. It is not possible to predict or identify all such risks. Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. No person should take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future.

------

**Part I - Financial Information**

**Item 1. Financial Statements**

**NuScale Power Corporation**

**Condensed Consolidated Balance Sheet**

---

| | | |
|:---|:---|:---|
| *(in thousands, except share and per share amounts)* | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | **(Unaudited)** |  |
| *Current Assets* |  |  |
| Cash and cash equivalents | $297695 | $401556 |
| Short-term investments | 123051 | 40000 |
| Restricted cash | 5100 | 5100 |
| Prepaid expenses | 3918 | 3377 |
| Accounts and other receivables, net (2025 - $2,676; 2024 - $3,655 from related party) | 12796 | 21104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 442560 | 471137 |
| Property, plant and equipment, net | 1846 | 2421 |
| In-process research and development | 16900 | 16900 |
| Intangible assets, net | 616 | 704 |
| Goodwill | 8255 | 8255 |
| Long-lead material work in process | 64338 | 43388 |
| Investments | 69168 |  |
| Other assets | 2769 | 1868 |
| **Total Assets** | $606452 | $544673 |
| **LIABILITIES AND EQUITY** |  |  |
| *Current Liabilities* |  |  |
| Accounts payable and accrued expenses | $64629 | $47947 |
| Accrued compensation | 6299 | 7330 |
| Long-lead material liability | 32323 | 32327 |
| Other accrued liabilities | 1376 | 1356 |
| Deferred revenue | 299 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 104926 | 89722 |
| Noncurrent liabilities | 2321 | 1650 |
| Deferred revenue | 343 | 181 |
| **Total Liabilities** | 107590 | 91553 |
| *Stockholders' Equity* |  |  |
| Class A common stock, par value $0.0001 per share, 332,000,000 shares authorized, 133,753,450 and 122,842,474 shares outstanding as of June 30, 2025 and December 31, 2024, respectively | 13 | 12 |
| Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 150,983,449 and 154,254,663 shares outstanding as of June 30, 2025 and December 31, 2024, respectively | 15 | 15 |
| Additional paid-in capital | 1101566 | 995745 |
| Accumulated deficit | (408723) | (377077) |
| **Total Stockholders' Equity Excluding Noncontrolling Interests** | 692871 | 618695 |
| Noncontrolling interests | (194009) | (165575) |
| **Total Stockholders' Equity** | 498862 | 453120 |
| **Total Liabilities and Stockholders' Equity** | $606452 | $544673 |

---

The accompanying notes are an integral part of these financial statements.

------

**NuScale Power Corporation**

**Condensed Consolidated Statements of Operations**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands, except share and per share amounts)* | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue (2025 - $7,431 and $14,700; 2024 - $523 and $523 from related party) | $8054 | $967 | $21429 | $2346 |
| Cost of sales | (6273) | (850) | (12646) | (1585) |
| **&nbsp;&nbsp;&nbsp;&nbsp;Gross Margin** | 1781 | 117 | 8783 | 761 |
| Research and development expenses | 11802 | 12132 | 20933 | 25287 |
| General and administrative expenses | 22523 | 16827 | 45787 | 36186 |
| Other expenses (2025 - $0 and $0; 2024 - $0 and $108 from related party) | 10538 | 13036 | 20472 | 25139 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Loss From Operations** | (43082) | (41878) | (78409) | (85851) |
| Sponsored cost share | 21 | 2448 | 84 | 5844 |
| Change in fair value of warrant liabilities |  | (36733) |  | (45778) |
| Interest income | 5452 | 1725 | 10663 | 3267 |
| **Loss Before Income Taxes** | (37609) | (74438) | (67662) | (122518) |
| Foreign income taxes |  |  | 342 |  |
| **Net Loss** | (37609) | (74438) | (68004) | (122518) |
| Net loss attributable to noncontrolling interests | (19968) | (46821) | (36358) | (78329) |
| **Net Loss Attributable to Class A Common Stockholders** | $(17641) | $(27617) | $(31646) | $(44189) |
| **Loss per Share of Class A Common Stock:** |  |  |  |  |
| Basic and Diluted | $(0.13) | $(0.31) | $(0.24) | $(0.52) |
| **Weighted-Average Shares of Class A Common Stock Outstanding:** |  |  |  |  |
| Basic and Diluted | 133417743 | 89553679 | 130583744 | 84569371 |

---

The accompanying notes are an integral part of these financial statements.

------

**NuScale Power Corporation**

**Condensed Consolidated Statements of Changes in Stockholders' Equity**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |  |
| *(in thousands)* | **Class A** | **Class A** | **Class B** | **Class B** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Noncontrolling Interests** | **Total<br>Stockholders'<br>Equity** |
| *(in thousands)* | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Noncontrolling Interests** | **Total<br>Stockholders'<br>Equity** |
| **Balances at March 31, 2025 (Unaudited)** | 133031 | $13 | 151007 | $15 | $1095062 | $(391082) | $(174522) | $529486 |
| Equity-based compensation expense |  |  |  |  | 5239 |  |  | 5239 |
| Exercise of common share options and vested RSUs | 699 |  |  |  | 1746 |  |  | 1746 |
| Issuance of Class A common stock |  |  |  |  |  |  |  |  |
| Exchange of combined interests for Class A common stock | 23 |  | (23) |  |  |  |  |  |
| Rebalancing of ownership percentage for conversion of combined interest into Class A shares |  |  |  |  | (481) |  | 481 |  |
| Foreign income tax accrual to noncontrolling interests |  |  |  |  |  |  |  |  |
| Net loss |  |  |  |  |  | (17641) | (19968) | (37609) |
| **Balances at June 30, 2025 (Unaudited)** | 133753 | $13 | 150984 | $15 | $1101566 | $(408723) | $(194009) | $498862 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |  |
| *(in thousands)* | **Class A** | **Class A** | **Class B** | **Class B** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Noncontrolling Interests** | **Total<br>Stockholders'<br>Equity** |
| *(in thousands)* | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Noncontrolling Interests** | **Total<br>Stockholders'<br>Equity** |
| **Balances at December 31, 2024** | 122842 | $12 | 154255 | $15 | $995745 | $(377077) | $(165575) | $453120 |
| Equity-based compensation expense |  |  |  |  | 9697 |  |  | 9697 |
| Exercise of common share options and vested RSUs | 3091 |  |  |  | 4708 |  |  | 4708 |
| Issuance of Class A common stock | 4549 | 1 |  |  | 99756 |  |  | 99757 |
| Exchange of combined interests for Class A common stock | 3271 |  | (3271) |  |  |  |  |  |
| Rebalancing of ownership percentage for conversion of combined interest into Class A shares |  |  |  |  | (8340) |  | 8340 |  |
| Foreign income tax accrual to noncontrolling interests |  |  |  |  |  |  | (416) | (416) |
| Net loss |  |  |  |  |  | (31646) | (36358) | (68004) |
| **Balances at June 30, 2025 (Unaudited)** | 133753 | $13 | 150984 | $15 | $1101566 | $(408723) | $(194009) | $498862 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |  |
| *(in thousands)* | **Class A** | **Class A** | **Class B** | **Class B** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Noncontrolling Interests** | **Total<br>Stockholders'<br>Equity** |
| *(in thousands)* | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Noncontrolling Interests** | **Total<br>Stockholders'<br>Equity** |
| **Balances at March 31, 2024 (Unaudited)** | 86760 | $9 | 154473 | $15 | $382068 | $(257026) | $3625 | $128691 |
| Equity-based compensation expense |  |  |  |  | 4278 |  |  | $4278 |
| Exercise of common share options and vested RSUs | 1520 |  |  |  | 3754 |  |  | $3754 |
| Issuance of Class A common stock | 4198 |  |  |  | 31026 |  |  | $31026 |
| Exchange of combined interests for Class A common stock | 8 |  | (8) |  |  |  |  | $— |
| Rebalancing of ownership percentage for conversion of combined interest into Class A shares |  |  |  |  | (178) |  | 178 | $— |
| Net loss |  |  |  |  |  | (27617) | (46821) | $(74438) |
| **Balances at June 30, 2024 (Unaudited)** | 92486 | $9 | 154465 | $15 | $420948 | $(284643) | $(43018) | $93311 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |  |
| *(in thousands)* | **Class A** | **Class A** | **Class B** | **Class B** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Noncontrolling Interests** | **Total<br>Stockholders'<br>Equity** |
| *(in thousands)* | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Noncontrolling Interests** | **Total<br>Stockholders'<br>Equity** |
| **Balances at December 31, 2023** | 76895 | $8 | 154477 | $15 | $333888 | $(240454) | $35881 | $129338 |
| Equity-based compensation expense |  |  |  |  | 6496 |  |  | 6496 |
| Exercise of common share options and vested RSUs | 2882 |  |  |  | 7354 |  |  | 7354 |
| Issuance of Class A common stock | 12697 | 1 |  |  | 72640 |  |  | $72641 |
| Exchange of combined interests for Class A common stock | 12 |  | (12) |  |  |  |  |  |
| Rebalancing of ownership percentage for conversion of combined interest into Class A shares |  |  |  |  | 570 |  | (570) |  |
| Net loss |  |  |  |  |  | (44189) | (78329) | (122518) |
| **Balances at June 30, 2024 (Unaudited)** | 92486 | $9 | 154465 | $15 | $420948 | $(284643) | $(43018) | $93311 |

---

The accompanying notes are an integral part of these financial statements.

------

**NuScale Power Corporation**

**Condensed Consolidated Statements of Cash Flows** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| **OPERATING CASH FLOW** |  |  |
| **Net Loss** | $(68004) | $(122518) |
| *Adjustments to reconcile net loss to operating cash flow:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 529 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 89 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation expense | 9697 | 6496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposal of property, plant and equipment | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible asset |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on insurance proceeds received for damage to property, plant and equipment |  | (122) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities |  | 45778 |
| *Other Changes in assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | (600) | 7676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts and other receivables (2025 - $979; 2024 - $2,119 from related party) | 8310 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-lead material work in process | (20959) | (4866) |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-lead material liability | (4) | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses (2025 - $0; 2024 - $2,847 from related <br>&nbsp;&nbsp;&nbsp;&nbsp; party) | 16222 | (273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in right of use assets and lease liabilities | (103) | (986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | (300) | (820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued compensation | (1030) | (2812) |
| **Net Cash Used in Operating Activities** | (56107) | (69521) |
| **INVESTING CASH FLOW** |  |  |
| Sale of short-term investments | 20000 |  |
| Purchase of short-term investments | (103051) |  |
| Purchase of investments | (69168) |  |
| Insurance proceeds received for damage to property, plant and equipment |  | 195 |
| **Net Cash (Used) Provided by Investing Activities** | (152219) | 195 |
| **FINANCING CASH FLOW** |  |  |
| Proceeds from the issuance of common stock, net of issuance fees | 99757 | 72641 |
| Proceeds from exercise of common share options | 4708 | 7354 |
| **Net Cash Provided by Financing Activities** | 104465 | 79995 |
| **Net Change in Cash, Cash Equivalents and Restricted Cash** | (103861) | 10669 |
| Cash, cash equivalents and restricted cash: |  |  |
| Beginning of period | 406656 | 125365 |
| End of period | $302795 | $136034 |
| **Summary of Noncash Investing and Financing Activities:** |  |  |
| Accrued foreign income tax withholding to noncontrolling interests | $416 | $— |
| **Supplemental disclosures of cash flow information:** |  |  |
| Foreign income taxes paid | $1600 | $— |

---

The accompanying notes are an integral part of these financial statements.

------

**NuScale Power Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

***(in thousands, except shares and per share amounts)***

**1. Nature of Business**

*Organization*

NuScale Power Corporation ("NuScale Corp") is incorporated under the laws of Delaware. The Company is the primary beneficiary of NuScale LLC, a variable interest entity ("VIE"), and all activity of NuScale LLC and the Company are consolidated herein. NuScale LLC is a limited liability company organized in Oregon in 2011. "NuScale", the "Company", "us", "we" and "our" refer to NuScale Corp and its consolidated subsidiaries.

*Operations*

NuScale is commercializing a modular, scalable electric Light Water Reactor nuclear power plant with 77 megawatt (gross) NPMs, using exclusive rights to a nuclear power plant design obtained from Oregon State University ("OSU"). The following represents key milestones in the development of this technology:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• December 2016: Design Certification Application ("DCA") completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• January 2017: DCA submitted to the NRC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• March 2017: DCA accepted for review by the NRC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 2020: NRC issued the Final Safety Evaluation Report ("FSER");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• July 2023: SDA Application and associated licensing topical reports accepted for formal review by the NRC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• May 2025: NRC finalized their review and approved the SDA.

The FSER represented the NRC's completion of its technical review and approval of the NuScale SMR design. Now that the NRC has also approved the SDA, customers are able to proceed with plans to develop NuScale power plants and file applications seeking permission to build and operate an SMR in the United States that utilizes the 77 megawatt-per-module NPM design.

The Company has partnered with ENTRA1, who acts as NuScale's exclusive global strategic partner for the commercialization and development of power plants utilizing NPMs.

The Company's activities are subject to significant risks and uncertainties, including failing to secure funding to sustain operations until we reach commercialization and secure customers.

The majority of the Company's operations and long-lived assets were attributable to operations in the United States other than the long-lead material work in process being manufactured in South Korea during the 2025 and 2024 fiscal years.

**2. Summary of Significant Accounting Policies**

*Basis of Presentation*

The Company's unaudited condensed consolidated financial statements and related notes do not include notes and certain financial information normally presented annually under GAAP, and therefore should be read in conjunction with our 2024 Annual Report on Form 10-K. Accounting measures at interim dates inherently involve greater reliance on estimates than at year-end. Although such estimates are based on management's most recent assessment of the underlying facts and circumstances utilizing the most current information available, our reported results of operations may not necessarily be indicative of results that we expect for the full year.

These financial statements are unaudited. In management's opinion, they contain all adjustments of a normal recurring nature that are necessary to present fairly our financial position and our operating results as of and for the interim periods presented.

*Principles of Consolidation*

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**NuScale Power Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

***(in thousands, except shares and per share amounts)***

As part of the Transaction, NuScale Corp has been determined to be the primary beneficiary of NuScale LLC, a VIE. As the sole managing member of NuScale LLC, NuScale Corp has both the power to direct the activities, and direct ownership to share in the revenues and expenses, of NuScale LLC. As such, all the activity of NuScale LLC has been consolidated in the accompanying condensed consolidated financial statements. All assets and liabilities included in the balance sheet are that of NuScale LLC, other than certain prepaid assets and accounts payable and accrued expenses. All significant intercompany transactions have been eliminated upon consolidation.

*Cash, Cash Equivalents, Investments and Restricted Cash*

Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at the time of purchase. Our Short-term investments have an initial maturity of between three and twelve months at the time of purchase, while anything with a maturity in excess of twelve months is included as Investments on the condensed consolidated balance sheet.

Cash in the amount of $5,100 at June 30, 2025 and December 31, 2024 is restricted as collateral for the letter of credit associated with the Release Agreement with CFPP LLC, and is identified as Restricted cash in the condensed consolidated balance sheet. The restricted cash balance plus cash and cash equivalents on the condensed consolidated balance sheet equals cash, cash equivalents and restricted cash, as reflected in the condensed consolidated statements of cash flows.

*Revenue Recognition*

In addition to advancing the commercialization of its SMR, NuScale provides engineering and licensing services, while also charging licensing fees to customers.

The Company recognizes fixed price contract revenue with multiple performance obligations as each obligation is completed. The Company allocates the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. For performance obligations satisfied at a point in time, we recognize revenue when delivery of the promised good has occurred or the service has been rendered. For performance obligations satisfied over time we use the cost to cost input method to estimate the amount to recognize. Revenue recognized on contracts that has not been billed to customers is classified as a current asset under Accounts and other receivables on the condensed consolidated balance sheet. Amounts billed to clients in excess of revenue recognized are classified as Deferred revenue.

*Recent Accounting Pronouncements*

In December 2023, the FASB issued ASU 2023-09, *Income Taxes* (Topic 740) – Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The ASU's amendments are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that adoption of ASU 2023-09 will have on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement* - Reporting Comprehensive Income-Expense Disaggregation Disclosures ("ASU 2024-03"). ASU 2024-03 requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. Qualitative disclosures about any remaining amounts in relevant expense line items must be provided. Separate disclosures of total selling expenses and an entity's definition of those expenses are also required. ASU 2024-03 is effective for annual periods beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 will have on our consolidated financial statements.

**3. Noncontrolling Interests and Loss Per Share**

*Noncontrolling Interests*

------

**NuScale Power Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

***(in thousands, except shares and per share amounts)***

Following the Transaction, holders of Class A common stock own direct controlling interests in the results of the combined entity, while the Legacy NuScale Equityholders own an economic interest in NuScale LLC, shown as noncontrolling interests ("NCI") in equity in NuScale Corp's condensed consolidated financial statements. The indirect economic interests are held by Legacy NuScale Equityholders in the form of NuScale LLC Class B units. The following table summarizes the economic interests of NuScale Corp between the holders of Class A common stock and indirect economic interests held by NuScale LLC Class B unitholders.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended June 30,** | **As of and for the Three Months Ended June 30,** | **As of and for the Six Months Ended June 30,** | **As of and for the Six Months Ended June 30,** |
|<br>**Noncontrolling Interests** | **2025** | **2024** | **2025** | **2024** |
| ***NuScale Corp Class A common stock*** |  |  |  |  |
| Beginning of period | 133031072 | 86760243 | 122842474 | 76895166 |
| Exchange of combined interests for Class A common stock | 22922 | 8660 | 3271214 | 12297 |
| Issuance of Class A common stock |  | 4198064 | 4548127 | 12696994 |
| Exercise of options, warrants and vested RSUs | 699456 | 1519391 | 3091635 | 2881901 |
| End of period | 133753450 | 92486358 | 133753450 | 92486358 |
| ***NuScale LLC Class B Units (NCI)*** |  |  |  |  |
| Beginning of period | 151006371 | 154473395 | 154254663 | 154477032 |
| Exchange of combined interests for Class A common stock | (22922) | (8660) | (3271214) | (12297) |
| End of period | 150983449 | 154464735 | 150983449 | 154464735 |
| ***Total*** |  |  |  |  |
| Beginning of period | 284037443 | 241233638 | 277097137 | 231372198 |
| Issuance of Class A common stock |  | 4198064 | 4548127 | 12696994 |
| Exercise of options, warrants and vested RSUs | 699456 | 1519391 | 3091635 | 2881901 |
| End of period | 284736899 | 246951093 | 284736899 | 246951093 |

---

The ownership percentages of the controlling and noncontrolling interests are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended June 30,** | **As of and for the Three Months Ended June 30,** | **As of and for the Six Months Ended June 30,** | **As of and for the Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| ***NuScale Corp Class A common stock*** |  |  |  |  |
| Beginning of period | 46.8% | 36.0% | 44.3% | 33.2% |
| End of period | 47.0% | 37.5% | 47.0% | 37.5% |
| ***NuScale LLC Class B Units (NCI)*** |  |  |  |  |
| Beginning of period | 53.2% | 64.0% | 55.7% | 66.8% |
| End of period | 53.0% | 62.5% | 53.0% | 62.5% |

---

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**NuScale Power Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

***(in thousands, except shares and per share amounts)***

The NCI may decrease according to the number of shares of Class B common stock and NuScale LLC Class B units that are exchanged for shares of Class A common stock or, in certain circumstances including at the election of NuScale Corp, cash in an amount equal to the fair value of Class A common stock received in a contemporaneous equity issuance. After each exchange, NuScale LLC equity attributable to NuScale Corp is rebalanced to reflect the change in ownership percentage, which is calculated above based on Class B units and Class A shares, as a percentage of Combined interests.

*Loss Per Share*

Basic loss per share is based on the average number of shares of Class A common stock outstanding during the period. Diluted loss per share is based on the average number of shares of Class A common stock used for the basic earnings per share calculation, adjusted for the dilutive effect of RSUs, Stock Options and Warrants using the "treasury stock" method and for all other interests that convert into potential shares of Class A common stock, if any, using the "if converted" method. Net loss attributable to Class A common stockholders for diluted loss per share is adjusted for the Company's share of NuScale LLC's net loss, net of NuScale Corp taxes, after giving effect to all other interests that convert into potential shares of Class A common stock, to the extent it is dilutive. In addition, net loss attributable to Class A common stockholders for diluted loss per share is adjusted for the after-tax impact of changes to the fair value of derivative liabilities, to the extent the Company's Warrants are dilutive.

The following table sets forth the computation of basic and diluted net loss per share of Class A common stock. Class B common stock represents a right to cast one vote per share at the NuScale Corp level, and carries no economic rights, including rights to dividends or distributions upon liquidation, and as a result, is not considered a participating security for basic and diluted loss per share. As such, basic and diluted loss per share of Class B common stock has not been presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended June 30,** | **As of and for the Three Months Ended June 30,** | **As of and for the Six Months Ended June 30,** | **As of and for the Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss attributable to Class A common stockholders | $(17641) | $(27617) | $(31646) | $(44189) |
| Weighted-average shares for basic and diluted loss per share | 133417743 | 89553679 | 130583744 | 84569371 |
| Basic and Diluted loss per share of Class A common stock | $(0.13) | $(0.31) | $(0.24) | $(0.52) |
| *Anti-dilutive securities excluded from shares outstanding:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of Class B common stock | 150983449 | 154464735 | 150983449 | 154464735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options | 5199984 | 9884004 | 5199984 | 9884004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants |  | 18458701 |  | 18458701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time-based RSUs | 4493419 | 5975343 | 4493419 | 5975343 |
| **Total** | 160676852 | 188782783 | 160676852 | 188782783 |

---

On November 8, 2024, NuScale entered into a Sales Agreement with TD Securities (USA) LLC, UBS Securities LLC, B. Riley Securities, Inc. and Canaccord Genuity LLC as sales agents under which the Company may offer and sell shares of our Class A common stock, having an aggregate sales price of up to $200,000 ("ATM Program"). During the six months ended June 30, 2025, the Company issued and sold 4,548,127 shares of Class A common stock for the gross and net proceeds of $102,416 and $99,757, respectively, with a weighted average price of $22.68 per share. No such sales were executed during the three months ended June 30, 2025. As of June 30, 2025, we had 17,187,349 shares of Class A common stock, at an aggregate sales price up to $26,422, eligible for sale under the ATM Program.

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**NuScale Power Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

***(in thousands, except shares and per share amounts)***

Previous to the current ATM Program, the Company utilized a similar agreement under which the Company offered and sold shares of the NuScale Corp's Class A common stock. During the three months ended June 30, 2024, the previous ATM generated gross and net proceeds of $31,821 and $31,025, respectively, selling 4,198,064 shares of Class A common stock, with a weighted average price of $7.58 per share. During the six months ended June 30, 2024, the previous ATM generated gross and net proceeds of $74,502 and $72,639, respectively, selling 12,696,994 shares of Class A common stock, with a weighted average price of $5.87 per share.

**4. Fair Value Measurement**

The Company measures certain financial assets and liabilities at fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company uses a three-level hierarchy, which prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach).

The levels of hierarchy are described below:

Level 1 Quoted prices in active markets for identical instruments;

Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most stringent level of input that is significant to the fair value measurement.

The carrying amount of certain financial instruments, including deposits, accounts payable and accrued expenses, approximates fair value due to their short maturities. Our cash equivalents consist of money market funds denominated in U.S. dollars, certificates of deposit and United States treasury bills ("Treasury Bills"). Our Short-term investments consist of Treasury Bills, Certificates of Deposit and United States Government Mortgage-backed Securities ("U.S. Government Securities"), while our noncurrent Investments consist of U.S. Government Securities and Corporate Bonds issued by major United States banks ("Corporate Bonds"). The Treasury Bills, U.S. Government Securities and Corporate Bonds are all rated A1 or above and are classified as held-to-maturity and carried at amortized cost, as the Company has the intent and the ability to hold them until they mature. The carrying values of the Treasury Bills, U.S. Government Securities and Corporate Bonds are adjusted for accretion of discounts over the remaining life of the investment, while interest is recognized in interest income in the Company's condensed consolidated statement of operations.

In determining the allowance for expected credit losses under ASC 326, *Credit Losses*, the credit quality and collectability of each class of financial assets are evaluated. For our Treasury Bills, U.S. Government Securities, Certificates of Deposit and Corporate Bonds, based on the maturity of the instruments and the strong credit ratings and historical performance of the counterparty, analysis indicates a minimal probability of default, and therefore, the expected credit loss is considered to be negligible.

The following table represents the Company's financial assets measured at fair value on a recurring basis at June 30, 2025, while no such financial instruments were held at December 31, 2024:

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**NuScale Power Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

***(in thousands, except shares and per share amounts)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amortized Cost Basis** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | |
| | **Amortized Cost Basis** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Cash Equivalents:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Bills | 19190 |  | 19190 |  | 19190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of Deposit | 35000 |  | 35000 |  | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Accounts | 4724 | 4724 |  |  | 4724 |
| **Short-term Investments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Bills | 49576 |  | 49572 |  | 49572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of Deposit | 70000 |  | 70000 |  | 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | 3475 |  | 3472 |  | 3472 |
| **Investments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | 55107 |  | 55040 |  | 55040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 14061 |  | 14068 |  | 14068 |
| **Total as of June 30, 2025** | 251133 | 4724 | 246342 |  | 251066 |

---

**5. Accounts and Other Receivables**

Accounts and other receivables, net include reimbursement requests outstanding from the cost share awards, interest receivable and commercial accounts receivable. The cost share reimbursement requests are recognized as eligible costs are incurred. Reimbursement under the awards is recognized as award funds are obligated, and are included in Sponsored cost share in the condensed consolidated statement of operations. Interest receivable of $2,278 and $1,398 was outstanding at June 30, 2025 and December 31, 2024, respectively.

Accounts receivable are presented net of allowance for credit losses. Management estimates an allowance for credit losses by evaluating customer and transaction-specific conditions, including adverse situations that may affect a customer's ability to pay, as well as both microeconomic and macroeconomic factors.

Interest receivable earned from our financial assets measured at fair value is analyzed under ASC 326, *Credit Losses.* Based on the analysis of the underlying financial instruments, it is considered to be negligible.

As of December 31, 2024, the Company had an allowance for credit losses of $1,000, with no change to this allowance during the six months ended June 30, 2025.

**6. Property, Plant and Equipment**

Property, plant and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Furniture and fixtures | $27 | $27 |
| Office and computer equipment | 5021 | 5050 |
| Software | 11855 | 11855 |
| Operations equipment | 1165 | 1165 |
| Leasehold improvements | 2189 | 2189 |
|  | 20257 | 20286 |
| Less: Accumulated depreciation | (18411) | (17909) |
| Add: Assets under development |  | 44 |
| &nbsp;&nbsp;&nbsp;**Net property, plant and equipment** | $1846 | $2421 |

---

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**NuScale Power Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

***(in thousands, except shares and per share amounts)***

Depreciation of property, plant and equipment for the three months ended June 30, 2025 and 2024 was $260 and $402, respectively. Of these amounts, $59 and $201 is included in G&A expenses and Other expense, respectively, for the 2025 fiscal year and $80 and $322, respectively, for the 2024 fiscal year.

Depreciation of property, plant and equipment for the six months ended June 30, 2025 and 2024 was $529 and $892, respectively. Of these amounts, $120 and $409 is included in G&A expenses and Other expense, respectively, for the 2025 fiscal year and $174 and $718, respectively, for the 2024 fiscal year.

**7. Long-Lead Material Work In Process and Liability**

As part of the LLM Agreement with CFPP LLC, the Company subcontracted for the purchase of certain long-lead materials ("LLM") in the amount of $55,700, that were to be used in the fabrication of NPMs on behalf of CFPP LLC. This LLM Agreement has since been suspended, and wind down procedures have begun, with the ultimate disposition of the LLM to be negotiated between the Company, CFPP LLC and DOE. Upon final settlement of the LLM Agreement, and once DOE is compensated for its investment in the LLM (stemming from DOE's funding under its cost share agreement with CFPP LLC), NuScale will obtain all rights and obligations of the LLM.

As a result of DOE's investment in the LLM, as of June 30, 2025 and December 31, 2024, NuScale has included a Long-lead material liability on the accompanying condensed consolidated balance sheet in the amount of $32,323 and $32,327, respectively, for the estimated cost to gain 100% of the LLM, once completed.

The Company has continued to advance its investment into LLM, which represents in-process inventory recorded at cost and is identified as Long-lead material work in process on the condensed consolidated balance sheet in the amount of $64,338 and $43,388 as of June 30, 2025 and December 31, 2024, respectively.

**8. Segment Information**

The Company presently operates in one business segment, the commercialization of a modular, scalable electric Light Water Reactor nuclear power plant, with 77 megawatt (gross) NPMs. In the future the Company also plans to generate revenue by providing critical services, such as start-up and testing and nuclear fuel and refueling services, over the life cycle of each power plant. However, at the Company's current stage, all significant revenue generated to date arises from engineering and licensing fees and services provided to potential customers, with the end goal of selling NPMs.

The Company has determined that its Chief Executive Officer ("CEO"), Chief Commercial Officer ("CCO") and Chief Financial Officer ("CFO") are its chief operating decision makers ("CODM"). During the three and six months ended June 30, 2025 and 2024, these individuals made decisions on resource allocation, assessed performance of the business and monitored budget versus actual results using Net loss, which is provided in the accompanying condensed consolidated statements of operations. These measures are used to allocate resources for business activities on a consolidated basis as the Company operates in one reportable segment. The Company does not use a measure of segment assets in its decision making. When evaluating how to allocate resources, CODMs primarily focus on Labor costs, which are the significant expenses within Loss from operations and Net loss. Labor costs, which include salaries and wages and equity-based compensation, totaled $20,055 and $19,122 for the three months ended June 30, 2025 and 2024, respectively, while Labor costs totaled $37,758 and $36,153 for the six months ended June 30, 2025 and 2024, respectively. Labor costs are included in all three of the Company's operating expense line items on the condensed consolidated statements of operations.

------

**NuScale Power Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

***(in thousands, except shares and per share amounts)***

**9. Revenue**

The following table presents our revenue disaggregated into categories based on the nature of such revenues:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| *Revenue Categories* | **2025** | **2024** | **2025** | **2024** |
| Power Plant and NPM related services | $7435 | $861 | $20404 | $2087 |
| Energy Exploration Centers | 551 | 57 | 923 | 170 |
| Other | 68 | 49 | 102 | 89 |
| **Total** | $8054 | $967 | $21429 | $2346 |

---

**10. Employee Benefits**

The Company sponsors a defined contribution 401(k) Plan with contributions to be made at the sole discretion of management. Under the provisions of the 401(k) Plan, the Company matches the employees' contributions for the first 3% of compensation and matches 50% of the employees' contributions for the next 2% of compensation. The expense recorded for the 401(k) Plan was $365 and $526 for the three months ended June 30, 2025 and 2024, respectively, while for the six months ended June 30, 2025 and 2024, the Company expensed $1,025 and $1,139, respectively.

**11. Income Taxes**

NuScale LLC was historically and remains a partnership for U.S. federal income tax purposes with each partner being separately taxed on its share of taxable income or loss. NuScale Corp is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to its distributive share of any net taxable income or loss and any related tax credits of NuScale LLC.

The effective tax rate was 0% for the three and six months ended June 30, 2025 and 2024. The effective income tax rate for the three and six months ended June 30, 2025 differed significantly from the statutory rates, primarily due to the losses allocated to the NCI and the recognition of a valuation allowance as a result of the Company's new tax structure following the Transaction.

During the three and six months ended June 30, 2025 and 2024, the Company incurred no domestic income tax, but did incur $342 in foreign withholding tax expense in the country of Romania during the six months ended June 30, 2025.

The Company has assessed the realizability of the net deferred tax assets and in that analysis has considered the relevant positive and negative evidence available to determine whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The Company has recorded a full valuation allowance against the deferred tax assets at NuScale Corp as of June 30, 2025, which will be maintained until there is sufficient evidence to support the reversal of all or some portion of these allowances.

The Company's income tax filings will be subject to audit by various taxing jurisdictions. The Company will monitor the status of U.S. federal, state and local income tax returns that may be subject to audit in future periods. No U.S. federal, state and local income tax returns are currently under examination by the respective taxing authorities.

On July 4, 2025, President Trump signed into law The One Big Beautiful Bill Act (OBBBA), which is a comprehensive piece of legislation with significant business tax impacts, aimed at extending provisions from the 2017 Tax Cuts and Jobs Act as well as introducing new changes. The OBBBA includes restoring 100% bonus depreciation for certain property, eliminates the requirement to capitalize research and development expenses, and reverts the limitation on business interest deductions to 30% of EBITDA for tax years beginning after December 31, 2024. The OBBBA modifies clean energy tax incentives and adjusts international tax rules. The impact of the OBBBA on the Company is currently being quantified.

------

**NuScale Power Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

***(in thousands, except shares and per share amounts)***

**12. Equity-Based Compensation**

*Time-based RSUs*

On February 28, 2025, the Board approved 1,611,357 employee time-based RSU awards, of which 1,576,743 RSUs were granted during the six months ended June 30, 2025, for an aggregate value of $28,009, while during the same period in the prior year, 4,598,635 RSUs with an aggregate value of $14,716 were granted to employees. Both awards vest one-third annually from the grant date. During the three and six months ended June 30, 2025, 1,921,580 RSUs vested with Class A common shares issued.

**13. Related Party Transactions**

From time to time, NuScale enters into strategic agreements with Fluor, whereby Fluor or the Company perform services for one another. While the Company incurred no expenses related to Fluor during the 2025 fiscal year, during the six months ended June 30, 2024, NuScale incurred expenses of $108. No amounts were due to Fluor at June 30, 2025 or December 31, 2024.

For the three and six months ended June 30, 2025, the Company earned revenue of $7,431 and $14,700, respectively, from Fluor, while earning $523 for both the three and six months ended June 30, 2024. At June 30, 2025 and December 31, 2024, Fluor owed the Company $2,676 and $3,655, respectively, which are included in Accounts and other receivables, net on the condensed consolidated balance sheet.

For the three and six months ended June 30, 2025, Fluor accounted for 92% and 69%, respectively, of total revenue, while for the same periods in the prior year, Fluor accounted for 54% and 22%, respectively.

**14. Commitments and Contingencies**

In the regular course of business, the Company is involved in various legal proceedings and claims incidental to the normal course of business. Other than as disclosed immediately below, the Company does not believe that any legal claims are material to the Company. Management does not believe that resolution of any of these matters will materially affect the Company's financial position or results of operations.

Multiple shareholder class action lawsuits were filed in the U.S. District Court for the District of Oregon against the Company and certain of its current or former officers, namely John Hopkins, Chris Colbert, Robert Hamady and Clayton Scott: (1) *Sigman v. NuScale Power Corp., et al.* (Case No. 23-1689, filed November 15, 2023), and (2) *Ryckewaert v. NuScale Power Corp., et al.* (Case No. 23-1956, filed December 26, 2023). These lawsuits asserted virtually identical allegations and claims and were consolidated before the same judge on February 2, 2024. The lawsuits assert claims under the federal securities laws and allege that the Company and members of management made materially false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and prospects, and specifically about certain of the Company's agreements with customers. On July 1, 2025, after granting the Company's motion to dismiss, the court entered a judgment dismissing the consolidated case with prejudice.

On December 10, 2024, a purported class action lawsuit titled *Tucker v. NuScale Power Corporation, et al.*, Case No. 2024-1272-NAC (Del. Ch. Ct.) was filed in the Court of Chancery of the State of Delaware. The lawsuit names the Company, eight current board members and one former board member as defendants. The lawsuit broadly alleges that the Company's corporate opportunity waiver provision contained in the Company's Certificate of Incorporation is overbroad and impermissibly waives certain fiduciary duties in contradiction to state statutory law. The named plaintiff seeks injunctive and declaratory relief, certification as class representative, and costs and fees for a to-be certified class of plaintiffs. The Board determined that it was in the Company's best interest to seek an early negotiated resolution of the lawsuit without admitting liability, and before incurring significant litigation costs.

The Company therefore submitted revised corporate opportunity waiver language to the stockholders in advance of the Company's 2025 annual meeting with the recommendation that the stockholders adopt the proposal, explaining that while the Company believed that the existing waiver provision as currently drafted, comports with Delaware law, the

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**NuScale Power Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

***(in thousands, except shares and per share amounts)***

proposed amendment would clarify that it is not, and was never, the Company's intent to waive a fiduciary's duty of loyalty, and that such waiver applies to a defined set of business opportunities. The proposed amendment would more closely align with the text of applicable Delaware statutory law, as well as the intent expressed by the state legislature in passing such laws.

Plaintiff, having been informed of the Company's actions taken, then voluntarily dismissed the lawsuit. The stockholders thereafter voted to adopt the proposal and the Company's Certificate of Incorporation was amended in connection therewith.

The parties have agreed that the Company shall pay plaintiff's counsel $85 (the "Mootness Fee") to resolve the anticipated application by plaintiff's counsel for an award of attorney's fees and reimbursement of expenses. In connection with the August 6, 2025 stipulated order closing the case, the Court ordered that the Company provide this notice. The Court has not and will not pass judgment on the amount of the Mootness Fee.

*Doug Hoelscher et. al. v. John L. Hopkins, et. al.* On May 14, 2025, three purported shareholders of NuScale Corp, Doug Hoelscher, Kimberly Hoelscher, and Cyril Hoelscher, filed suit in the U.S. District Court for the District of Oregon against certain of NuScale Corp's current and former officers and directors, namely John L. Hopkins, Chris Colbert, Robert R. Hamady, Clayton Scott, James T. Hackett, Alan L. Boeckmann, Alvin C. Collins, Kent Kresa, Christopher Sorrells, Kimberly O. Warnica, Bum-Jin Chung, Shinji Fujino, and Jim Breuer. Plaintiffs alleged that certain members of NuScale Corp's management made materially false and/or misleading statements and failed to disclose materially adverse facts about NuScale Corp's business, operations and prospects, and specifically about NuScale Corp's agreements with customers. Plaintiffs voluntarily dismissed the action on August 6, 2025.

In connection with DOE and UAMPS Award 8935, DOE designated NuScale as a subrecipient to UAMPS for the production of NPM 1, while classifying NuScale as a contractor or subcontractor for NPMs 2-12. As part of DOE's classification of NuScale as a contractor or subcontractor for NPMs 2-12, DOE noted that should NuScale fail to initiate commercial operation of NPM 1, DOE has the right to demand repayment of the fees invoiced for NPMs 2-12. We have established a LLM liability on the consolidated balance sheet associated with this right in the amount of $32,323. We are currently in advanced discussions with the DOE and CFPP LLC to complete the transfer of all of right, title and interest in the LLM and execute the payment of the LLM liability.

Under the Release Agreement, the Company is required to have credit support to fund the amount of its potential reimbursement of demobilization and wind down costs with CFPP LLC. This account is identified as Restricted cash in the amount of $5,100 on the accompanying condensed consolidated balance sheet and acts as collateral for the $5,000 letter of credit outstanding at June 30, 2025.

In December 2024, the Company entered into a purchase commitment for additional LLM to support the development of future NPMs. During the course of 2025, the Company entered into additional long-term commitments to support the development of future NPMs.

In January 2025 we entered into sales and marketing agreements for services to be provided ratably over 2025 and these sales and marketing agreements were extended for one additional year, increasing the Company's commitment by an additional $34,800.

The following table sets forth the principal cash obligations and commitments that the Company has entered into, assuming no renewals thereafter.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Payments Due By Year** | **Payments Due By Year** | **Payments Due By Year** | **Payments Due By Year** |
| |<br>**Total** | **2025** | **2026** | **2027** | **2028** |
| Materials purchase commitments - LLM | $99514 | $54476 | $34645 | $10393 | $— |
| Supply chain readiness and manufacturing | $16932 | 9254 | 5754 | 1924 |  |
| Services commitments - Other | $25833 | 4935 | 10729 | 6869 | 3300 |
| Sales and marketing agreements | $52200 | 17400 | 34800 |  |  |
| **Total** | $194479 | $86065 | $85928 | $19186 | $3300 |

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**NuScale Power Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

***(in thousands, except shares and per share amounts)***

From time to time, NuScale enters into technical assistance grant programs with the United States Trade and Development Agency ("USTDA"), whereby the Company receives cost share commitments to support licensing work in foreign markets. Under these programs, NuScale has agreed to pay the USTDA a certain percentage of all revenue earned in a geographic area or associated with a specific contract. Should NuScale earn revenue under the guidelines of these programs, the Company could owe the USTDA for funds previously received, or up to $7,690.

**15. Subsequent Events**

On July 31, 2025, the Company and Fluor entered into an Exchange and Lock-up Agreement that increased the maximum exchange limit in connection with the previously scheduled quarterly exchange of Class B units of NuScale LLC held by Fluor for Class A common stock of the Company to 15,000,000. The Exchange and Lock-up Agreement also subjects Fluor to certain lock-up and trading restrictions, subject to certain exceptions, with respect to any Class A common stock received by Fluor in the exchange.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis of the financial condition and results of operations of NuScale Corp should be read together with our financial statements as of and for the years ended December 31, 2024, 2023 and 2022 and our unaudited interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2025 and 2024, together with related notes thereto. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those projected in these forward-looking statements as a result of various factors. As used herein, "NuScale," the "Company," "us," "our" or "we" refer to NuScale Corp, together with its consolidated subsidiaries.*

**Overview**

Our mission is to provide scalable advanced nuclear technology to produce electricity, heat and clean water to improve the quality of life for people around the world. We are changing the power that changes the world by creating an energy source that is smarter, cleaner, safer and cost competitive.

Our small modular reactor ("SMR"), known as NuScale Power Module*™* ("NPM"), provides a scalable power plant solution incorporating enhanced safety, improved affordability and extended flexibility for diverse electrical and process heat applications. Our scalable design provides carbon-free energy at a reduced cost when compared with gigawatt-sized nuclear facilities.

Since our founding in 2007, we have made significant progress towards commercializing the first SMR in the United States. In 2017, we submitted our Design Certification Application ("DCA") to the U.S. Nuclear Regulatory Commission ("NRC"). On August 28, 2020, the NRC issued its Final Safety Evaluation Report, representing the NRC's completion of its technical review. On September 11, 2020, the NRC issued its Standard Design Approval ("SDA") of our NPM and scalable plant design. With this phase of NuScale's DCA now complete, customers may proceed with plans to develop NuScale SMR-based power plants with the understanding that the NRC has approved the safety aspects of the NPM and plant design. On January 19, 2023, the NRC published in the Federal Register a final rule that certifies NuScale's SMR design for use in the United States, which became effective 30 days after publication.

In May 2025, the NRC finalized their review and approved the Company's SDA application and the associated licensing topical reports for NuScale's 6-unit 77 MWe NPM design. Customers in the United States are now able to reference the certified design and SDA for expedited construction and operating licensing of NuScale's SMR pursuant to 10 CFR Part 52.

The Company has partnered with ENTRA1, which acts as NuScale's global strategic partner for commercialization and development of power plants utilizing NPMs. ENTRA1 holds the exclusive rights for the worldwide commercialization, distribution, sales and development of our products, services and power plants. In this strategic partnership, the Company collaborates on joint development initiatives and financially contributes alongside the partnership in joint activities which may be recoverable as part of its development costs. ENTRA1 can decide whether to participate in a commercial opportunity. If ENTRA1 declines to participate in a commercial opportunity, NuScale may pursue the opportunity on its own.

The Company currently has one major customer: RoPower Nuclear S.A. ("RoPower"), which is a joint venture established by S.N. Nuclearelectrica S.A. ("Nuclearelectrica") and Nova Power & Gas S.A. Under Phase 1 of the contract with RoPower, we defined the major site and specific inputs for a NuScale 6-module power plant to be deployed at the Doicesti Power Station site in Romania. In the third quarter of the 2024 fiscal year, Nuclearelectrica and RoPower signed the Front-End Engineering and Design ("FEED") Phase 2 contract with Fluor, a related party to NuScale. FEED Phase 2 will include tasks related to the development of a Class 3 plant cost estimate, as well as support to RoPower with its regulatory and stakeholder engagements. NuScale is supporting their scope of this FEED Phase 2 as a subcontractor to Fluor.

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**Results of Operations**

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue (2025 - $7,431 and $14,700; 2024 - $523 and $523 from related party) | $8054 | $967 | $21429 | $2346 |
| Cost of sales | (6273) | (850) | (12646) | (1585) |
| **&nbsp;&nbsp;&nbsp;&nbsp;Gross Margin** | 1781 | 117 | 8783 | 761 |
| Research and development expenses | 11802 | 12132 | 20933 | 25287 |
| General and administrative expenses | 22523 | 16827 | 45787 | 36186 |
| Other expenses (2025 - $0 and $0; 2024 - $0 and $108 from related party) | 10538 | 13036 | 20472 | 25139 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Loss From Operations** | (43082) | (41878) | (78409) | (85851) |
| Sponsored cost share | 21 | 2448 | 84 | 5844 |
| Change in fair value of warrant liabilities |  | (36733) |  | (45778) |
| Interest income | 5452 | 1725 | 10663 | 3267 |
| **Loss Before Income Taxes** | (37609) | (74438) | (67662) | (122518) |
| Foreign income taxes |  |  | 342 |  |
| **Net Loss** | $(37609) | $(74438) | $(68004) | $(122518) |

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***Comparison of the Three Months Ended June 30, 2025 and 2024***

*Revenue and Cost of Sales*

*General and Administrative*

G&A expenses increased due to higher strategic business development costs in the amount of $3.9 million as we increase our commercialization efforts and $2.2 million in legal and accounting fees.

*Other*

Other expenses decreased during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, when there was a $3.2 million one-time charge associated with the workforce reduction in 2024 as we transitioned from an R&D-based company to a commercial company. This decrease was partially offset by higher equity-based compensation costs during the three months ended June 30, 2025.

*Sponsored Cost Share*

Sponsored cost share decreased due to the Company reaching the cost share cap with DOE and USTDA.

*Change in Fair Value of Warrant Liabilities* 

There was no change in the fair value of warrant liabilities during the three months ended June 30, 2025 because all of the Company's 18.5 million warrants outstanding at June 30, 2024 were either redeemed by the Company in the fourth quarter of the 2024 fiscal year or exercised by the holder in the second half of the 2024 fiscal year.

*Interest Income*

The increase in interest income reflects the Company's stronger cash position which resulted in higher investments in cash equivalents, short-term investments and longer-term investments during the three months ended June 30, 2025.

***Comparison of the Six Months Ended June 30, 2025 and 2024***

*Revenue and Cost of Sales*

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*Research and Development*

Research and development expenses decreased due to management's implementation of various internal cost optimization measures that resulted in $2.6 million of compensation cost savings, and lowered professional fees by $2.0 million in connection with the Company's transition from an R&D-based company to a commercial company and the completion of SDA in the second quarter of 2025.

*General and Administrative*

G&A expenses increased due to higher strategic business development costs in the amount of $7.6 million as we increased our commercialization efforts and $5.0 million in legal and accounting fees. These increases were partially offset by $3.2 million of compensation cost savings.

*Other*

Other expenses decreased as a result of $8.2 million in compensation cost savings, which includes the one-time $3.2 million restructuring charge associated with the workforce reduction in 2024. This decrease was partially offset by higher equity-based compensation costs.

*Sponsored Cost Share*

Sponsored cost share decreased due to the Company reaching the cost share cap with DOE and USTDA.

*Change in Fair Value of Warrant Liabilities* 

There was no change in the fair value of warrant liabilities during the six months ended June 30, 2025 because all of the Company's 18.5 million warrants outstanding at June 30, 2024 were either redeemed by the Company in the fourth quarter of the 2024 fiscal year or exercised by the holder in the second half of the 2024 fiscal year.

*Interest Income*

The increase in interest income reflects the Company's stronger cash position which resulted in higher investments in cash equivalents, short-term investments and longer-term investments during the six months ended June 30, 2025.

**Liquidity and Capital Resources**

On November 8, 2024, NuScale entered into a new Sales Agreement with TD Securities (USA) LLC, UBS Securities LLC, B. Riley Securities, Inc. and Canaccord Genuity LLC as sales agents under which the Company may offer and sell shares of our Class A common stock, having an aggregate sales price of up to $200.0 million ("ATM Program"). During the six months ended June 30, 2025, the Company issued and sold 4,548,127 shares of Class A common stock for the gross and net proceeds of $102.4 million and $99.8 million, respectively, with a weighted average price of $22.68 per share. No such sales were executed during the three months ended June 30, 2025. As of June 30, 2025, we had 17,187,349 shares of Class A common stock, at an aggregate sales price up to $26.4 million, eligible for sale under the ATM Program.

Since NuScale's inception, we have incurred significant operating losses and have an accumulated deficit of $408.7 million, with negative operating cash flows. As of June 30, 2025, we had cash and cash equivalents of $297.7 million, short-term investments of $123.1 million with no debt. Historically, our primary sources of cash included investment capital, and DOE and other government sponsored cost share agreements to support the advancement of our SMR technology both domestically and abroad. As we transition from research and development to the commercialization of our technology, we are focusing on commercial contracts that generate revenue. During the year ended December 31, 2024, we executed two revenue generating agreements in relation to the advancement of Doicesti project Phase 2 Front-End Engineering and Design, a project which targets the development of six NuScale power modules at a former coal plant site in Doicesti, Romania.

On January 5, 2024, NuScale announced a plan to reduce the Company's workforce by 154 full time employees, or 28%, in order to continue our transition from an R&D-based company to a commercial company. This resulted in a one-time charge of $3.2 million during the six months ended June 30, 2024.

We believe that based on our current level of operating expenses and currently available cash resources, we will have sufficient funds available to cover R&D activities and operating cash needs for the next twelve months and beyond. However, considering that we have not yet completed the development of a commercial product and have minimal revenue to date, we may require additional funds. Further, management plans to prudently manage its expenses and cash reserves

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into the future, recognizing the need to secure additional customer commitments to support long-term operations. For additional information regarding these risk factors, see the Company's 2024 Annual Report on Form 10-K.

***Comparison of Cash Flows for the Six Months Ended June 30, 2025 and 2024***

The following table sets forth the primary sources and uses of cash and cash equivalents for the periods presented below:

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| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(in thousands)* | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used in Operating Activities | $(56107) | $(69521) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash (Used) Provided by Investing Activities | (152219) | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Financing Activities | 104465 | 79995 |
| **Net Change in Cash and Cash Equivalents** <sup>(A)</sup> | $(103861) | $10669 |
| <sup>(A)</sup> Includes $5,100 in restricted cash |  |  |

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*Cash Flows used in Operating Activities*

Our cash used in operations decreased during the six months ended June 30, 2025 due to higher revenue and interest income as well as collections of receivables.

*Cash Flows provided by Investing Activities*

During the six months ended June 30, 2025, management executed a strategy to diversify the Company's investment portfolio by purchasing more short term and longer-term investments to take advantage of higher interest rates, thereby leveraging the Company's strong cash position.

*Cash Flows provided by Financing Activities*

During both the six months ended June 30, 2025 and 2024, net cash provided by financing activities consisted of proceeds from the utilization of our ATM Programs.

***Commitments and Contractual Obligations***

Under the Release Agreement, the Company is required to have credit support to fund the amount of its potential reimbursement of demobilization and wind down costs with CFPP LLC. This account is identified as Restricted cash in the amount of $5.1 million on the accompanying condensed consolidated balance sheet and acts as collateral for the $5.0 million letter of credit outstanding at June 30, 2025.

In December 2024, the Company entered into a purchase commitment for additional LLM to support the development of future NPMs. During the course of 2025, the Company entered into additional long-term commitments to support the development of future NPMs.

In January 2025 we entered into sales and marketing agreements for services to be provided ratably over 2025 and these sales and marketing agreements were extended for one additional year, increasing the Company's commitment by an additional $34.8 million.

The following table sets forth the principal cash obligations and commitments that the Company has entered into, assuming no renewals thereafter.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Payments Due By Year** | **Payments Due By Year** | **Payments Due By Year** | **Payments Due By Year** |
| *(in thousands)* | **Total** | **2025** | **2026** | **2027** | **2028** |
| Materials purchase commitments - LLM | $99514 | $54476 | $34645 | $10393 | $— |
| Supply chain readiness and manufacturing | $16932 | 9254 | 5754 | 1924 |  |
| Services commitments - Other | $25833 | 4935 | 10729 | 6869 | 3300 |
| Sales and marketing agreements | $52200 | 17400 | 34800 |  |  |
| **Total** | $194479 | $86065 | $85928 | $19186 | $3300 |

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From time to time, NuScale enters into technical assistance grant programs with the United States Trade and Development Agency ("USTDA"), whereby the Company receives cost share commitments to support licensing work in foreign markets. Under these programs, NuScale has agreed to pay the USTDA a certain percentage of all revenue earned in a geographic area or associated with a specific contract. Should NuScale earn revenue under the guidelines of these programs, the Company could owe the USTDA for funds previously received, or up to $7.7 million.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

There have been no material changes from the discussion of the Company's market risk in Part II, Item 7A., Quantitative and Qualitative Disclosures About Market Risk, of the Company's 2024 Annual Report on Form 10-K.

**Item 4. Controls and Procedures**

*Limitations of the Effectiveness of Control*

In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

*Evaluation of Disclosure Controls and Procedures*

Our management conducted an evaluation, under the supervision and with the participation of our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon that evaluation, and as a result of the material weakness described below, our CEO and CFO concluded that, as of June 30, 2025, our disclosure controls and procedures were not effective at the reasonable assurance level.

*Management's Report on Internal Control over Financial Reporting*

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in the Exchange Act. Under the supervision and with the participation of our CEO and CFO, our management conducted an evaluation of the effectiveness of our internal control over financial reporting based upon the framework in "Internal Control - Integrated Framework (2013)" issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, management concluded that the Company's internal control over financial reporting was not effective for the period ended June 30, 2025 because of the material weakness described below.

*Material Weakness*

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis.

During the audit process related to our fiscal year ended December 31, 2024, management identified a material weakness in the design, implementation and documentation of (i) information technology general controls ("ITGC") and (ii) internal controls across key financial reporting processes, which are necessary for the Company to achieve complete, accurate and timely reporting due to an insufficient complement of personnel, level of technical accounting and IT support within those areas to design and operate the controls.

Notwithstanding the identified material weaknesses, the Company's management, including our CEO and CFO, have determined, based on the procedures we have performed, that the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q fairly present in all material respects our financial condition and results of operations as of and for the periods presented in accordance with U.S. Generally Accepted Accounting Principles.

*Plan for Remediation of Material Weakness*

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In order to remediate the material weakness, we plan to invest significantly in the critical resources available to our team as well as in the support of our IT environment. The below areas will be our focus to remediate the material weakness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hiring of additional qualified personnel that have the appropriate level of technical accounting experience to enhance our control environment, including the expansion of formal financial reporting controls. Additionally, we will design and implement effective review and approval controls, as well as implement appropriate timely review and oversight responsibilities within the financial reporting function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage expert SOX consultants to assist in the coordination, design, and testing of our control environment and deficiency remediation efforts, including ITGC and business processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct trainings for control owners covering proper control design, execution and review documentation, and source data validation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Design and implement additional ITGCs to manage access and program changes across our key systems and improve IT-dependent and application controls for our in-scope systems.

We will not be able to fully remediate these material weaknesses until all of these steps have been completed and have been operating effectively for a sufficient period of time. We will incur significant costs in connection with these remediation efforts, and expect these efforts to require significant additional time, expense, and demands on our financial and operational resources. At this time, we cannot provide an estimate of the total costs expected to be incurred in connection with these remediation efforts.

*Changes in Internal Controls over Financial Reporting*

Other than the remediation measures discussed above, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or 15d-15 under the Exchange Act that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**Part II - Other Information**

**Item 1. Legal Proceedings**

In the regular course of business, the Company is involved in various legal proceedings and claims incidental to the normal course of business. Other than as disclosed immediately below, the Company does not believe that any legal claims are material to the Company. Management does not believe that resolution of any of these matters will materially affect the Company's financial position or results of operations.

Multiple shareholder class action lawsuits were filed in the U.S. District Court for the District of Oregon against the Company and certain of its current or former officers, namely John Hopkins, Chris Colbert, Robert Hamady and Clayton Scott: (1) *Sigman v. NuScale Power Corp., et al.* (Case No. 23-1689, filed November 15, 2023), and (2) *Ryckewaert v. NuScale Power Corp., et al.* (Case No. 23-1956, filed December 26, 2023). These lawsuits asserted virtually identical allegations and claims and were consolidated before the same judge on February 2, 2024. The lawsuits assert claims under the federal securities laws and allege that the Company and members of management made materially false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and prospects, and specifically about certain of the Company's agreements with customers. On July 1, 2025, after granting the Company's motion to dismiss, the court entered a judgment dismissing the consolidated case with prejudice.

On December 10, 2024, a purported class action lawsuit titled *Tucker v. NuScale Power Corporation, et al.*, Case No. 2024-1272-NAC (Del. Ch. Ct.) was filed in the Court of Chancery of the State of Delaware. The lawsuit names the Company, eight current board members and one former board member as defendants. The lawsuit broadly alleges that the Company's corporate opportunity waiver provision contained in the Company's Certificate of Incorporation is overbroad and impermissibly waives certain fiduciary duties in contradiction to state statutory law. The named plaintiff seeks injunctive and declaratory relief, certification as class representative, and costs and fees for a to-be certified class of plaintiffs. The Board determined that it was in the Company's best interest to seek an early negotiated resolution of the lawsuit without admitting liability, and before incurring significant litigation costs.

The Company therefore submitted revised corporate opportunity waiver language to the stockholders in advance of the Company's 2025 annual meeting with the recommendation that the stockholders adopt the proposal, explaining that while the Company believed that the existing waiver provision as currently drafted, comports with Delaware law, the proposed amendment would clarify that it is not, and was never, the Company's intent to waive a fiduciary's duty of loyalty, and that such waiver applies to a defined set of business opportunities. The proposed amendment would more closely align with the text of applicable Delaware statutory law, as well as the intent expressed by the state legislature in passing such laws.

Plaintiff, having been informed of the Company's actions taken, then voluntarily dismissed the lawsuit. The stockholders thereafter voted to adopt the proposal and the Company's Certificate of Incorporation was amended in connection therewith.

The parties have agreed that the Company shall pay plaintiff's counsel $85,000.00 (the "Mootness Fee") to resolve the anticipated application by plaintiff's counsel for an award of attorney's fees and reimbursement of expenses. In connection with the August 6, 2025 stipulated order closing the case, the Court ordered that the Company provide this notice. The Court has not and will not pass judgment on the amount of the Mootness Fee.

*Doug Hoelscher et. al. v. John L. Hopkins, et. al.* On May 14, 2025, three purported shareholders of NuScale Corp, Doug Hoelscher, Kimberly Hoelscher, and Cyril Hoelscher, filed suit in the U.S. District Court for the District of Oregon against certain of NuScale Corp's current and former officers and directors, namely John L. Hopkins, Chris Colbert, Robert R. Hamady, Clayton Scott, James T. Hackett, Alan L. Boeckmann, Alvin C. Collins, Kent Kresa, Christopher Sorrells, Kimberly O. Warnica, Bum-Jin Chung, Shinji Fujino, and Jim Breuer. Plaintiffs alleged that certain members of NuScale Corp's management made materially false and/or misleading statements and failed to disclose materially adverse facts about NuScale Corp's business, operations and prospects, and specifically about NuScale Corp's agreements with customers. Plaintiffs voluntarily dismissed the action on August 6, 2025.

**Item 1A. Risk Factors**

In addition to the other information set forth in this Quarterly Report on Form 10-Q, investors should carefully consider the risk factors discussed in Part I, Item 1A. "Risk Factors" of the Company's 2024 Annual Report on Form 10-K, which could materially affect our business, financial condition, results of operations, or reputation. We do not believe that there have been any material changes to the risk factors disclosed in the Company's 2024 Annual Report on Form 10-K, other than as set forth below. The risks described in the Company's 2024 Annual Report on Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to us or that we currently deem immaterial also may materially adversely affect our business, financial condition, results of operations and/or reputation.

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***The Company has a limited number of authorized shares of Class A common stock remaining available for issuance, which could negatively impact our ability to raise capital.***

Our certificate of incorporation currently authorizes 332,000,000 shares of Class A common stock for issuance. As of June 30, 2025, there were approximately 21,000,000 shares of Class A common stock authorized share remaining. Our primary source of capital raising since 2023 has been selling shares of Class A common stock through the ATM program. Our ability to raise additional capital by selling shares of Class A common stock is limited by the number of available authorized shares, and amending the Company's Certificate of Incorporation to increase the number of authorized shares will require stockholder approval. The stockholder approval process can be time consuming, and there is no assurance that stockholders would approve such an amendment, which could negatively impact our ability to raise capital.

***Our commercialization strategy relies heavily on our relationships with ENTRA1, Fluor and other strategic investors and partners, who may have interests that diverge from ours and who may not be easily replaced if our relationships terminate.***

We rely heavily upon our relationship with ENTRA1 to commercialize our NPM and our other products and services, as well as our relationships with Fluor, the largest stockholder in NuScale Corp, and other investors and strategic partners. As our exclusive global strategic partner, ENTRA1 holds the exclusive rights for the worldwide commercialization, distribution, sales and development of our products, services and power plants pursuant to the amended and restated Strategic Alliance Agreement, effective May 7, 2025 (the "Strategic Alliance Agreement"), which also restricts our ability to directly or indirectly contact or enter into arrangements with anyone who has, or had, a relationship with ENTRA1. We granted Fluor certain rights to provide engineering, procurement and construction services in connection with NuScale's general plant design, project-specific designs and services typically performed by Fluor or its direct competitors. Similarly, we have entered into certain agreements with Doosan Heavy Industries and Construction Company, Ltd., IHI Corporation, and Sarens Nuclear & Industrial Services, LLC for certain planning, engineering, manufacturing and support activities with JGC Holdings Corporation, an affiliate of Japan NuScale Innovation, LLC, related to the engineering, procurement and construction ("EPC") and commissioning of the first NuScale SMR-based plant, with Samsung C&T Corporation related to certain EPC activities; and with GS Energy with respect to project development in certain markets.

Our strategic partners may have interests that diverge from our interests, and which may hinder our ability to negotiate sales to customers. If we lose our agreements with strategic partners, we may need to find new contractors who may have less experience designing and building nuclear plants, developing NuScale SMRs, or commercializing our products and services. In addition, in the event of a termination of the Strategic Alliance Agreement, there will be non-circumvention restrictions on our ability to pursue certain opportunities without ENTRA1 or to contact or enter into any arrangement with anyone that has, or had, a relationship with ENTRA1, and may subject the Company to significant damages in the event the Company causes a material breach. The termination of any of the Strategic Alliance Agreement or agreements described above with Fluor, Doosan Heavy Industries and Construction Company, Ltd., IHI Corporation, and Sarens Nuclear & Industrial Services, LLC, JGC Holdings Corporation, Samsung C&T Corporation, or GS Energy could substantially hinder our ability to expand our production capacity and installation of NuScale power plants and could materially adversely affect our business, prospects, financial condition, results of operations and/or reputation.

***Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our business and results of operations****.*

The federal government has indicated its intent to adopt a new approach to trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements. It has also initiated or is considering the imposition of tariffs on certain foreign goods. Changes in U.S. trade policy have resulted in many U.S. trading partners adopting responsive trade policies, and additional responsive trade policies could be adopted in the future. These measures could also result in increased costs for goods imported into the United States. This in turn could require us to increase prices to our customers, or, if we are unable to increase prices, result in lowering our margin on products sold.

Our long-lead time components are manufactured overseas, and tariffs on such components would increase our costs to the extent those components are imported into the U.S. If there are retaliatory tariffs imposed by countries to which we are exporting, we may not be able to pass the cost through to our customers or our products could be less competitive as compared to competitors.

We cannot predict future trade policy or the terms of any renegotiated trade agreements and their impact on our business. The adoption and expansion of trade restrictions, the occurrence of a trade war, or other governmental action related to tariffs or trade agreements or policies has the potential to adversely impact demand for our products, our costs, our customers, our suppliers, and the U.S. economy, which in turn could adversely impact our business, financial condition and results of operations.

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**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

Not applicable

**Item 3. Defaults Upon Senior Securities**

Not applicable

**Item 4. Mine Safety Disclosures**

Not applicable

**Item 5. Other Information**

Not applicable

**Item 6. Exhibits and Financial Statements Schedules**

***Exhibits.***

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 2.1† | [Agreement and Plan of Merger, dated as of December 13, 2021, by and among Spri](http://www.sec.gov/Archives/edgar/data/1822966/000110465922043718/tm2136469-21_424b3.htm#tAAAA)[n](http://www.sec.gov/Archives/edgar/data/1822966/000110465922043718/tm2136469-21_424b3.htm#tAAAA)[g Valley, Merger Sub and NuScale LLC (incorporated by reference to Annex A to the Proxy Statement/Prospectus filed with the SEC on April 8, 2022)](http://www.sec.gov/Archives/edgar/data/1822966/000110465922043718/tm2136469-21_424b3.htm#tAAAA) |
| 2.2 | [Amendment to Agreement and Plan of Merger, dated as of December 28, 2021, by and among Spring Valley, Merger Sub and NuScale LLC (incorporated by reference to Annex A-I to the Proxy Statement/ Prospectus filed with the SEC on April 8, 2022)](http://www.sec.gov/Archives/edgar/data/1822966/000110465922043718/tm2136469-21_424b3.htm#tAMAAI) |
| 2.3 | [Second Amendment to Agreement and Plan of Merger, dated as of April 14, 2022, by and among Spring Valley, Merger Sub and NuScale LLC (incorporated by reference to Exhibit 2.1 to Spring Valley's Current Report on Form 8-K, filed with the SEC on April 15, 2022)](http://www.sec.gov/Archives/edgar/data/1822966/000110465922046462/tm2212820d1_ex2-1.htm) |
| 3.1\* | [Certificate of Incorporation of NuScale Power Corporation](redline-20220429xorigcer.htm) |
| 3.2 | Amended and Restated [Bylaws of NuScale Power Corporation (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed on December 7, 2022)](https://www.sec.gov/Archives/edgar/data/1822966/000182296622000100/amendedandrestatedbylaws.htm) |
| 31.1\* | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex311302certceo1.htm) |
| 31.2\* | [Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex312302certcfo1.htm) |
| 32.1\*\* | [Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex321906certceo1.htm) |
| 32.2\*\* | [Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex322906certcfo1.htm) |
| 101.INS\* | XBRL Instance Document |
| 101.SCH\* | XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

__________________________________________

† Schedules and exhibits to this exhibit have been omitted in accordance with Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of all omitted schedules or exhibits to the SEC upon request.

\* Filed herewith.

\*\* Furnished herewith.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **NuScale Power Corporation** | **NuScale Power Corporation** |
| Date | By: | */s/ John Hopkins* |
| August 7, 2025 | Name: | John Hopkins |
|  | Title: | Chief Executive Officer |
| Date | By: | */s/ Robert Ramsey Hamady* |
| August 7, 2025 | Name | Robert Ramsey Hamady |
|  | Title: | Chief Financial Officer |

---

## Exhibit 3.1

![](redline-20220429xorigcer001.jpg)

1 CERTIFICATE OF INCORPORATION of NUSCALE POWER CORPORATION (a Delaware corporation) ARTICLE I NAME The name of the Corporation is NuScale Power Corporation (the "Corporation"). ARTICLE II EFFECTIVE TIME This Certificate of Incorporation shall be effective as of 10:30 a.m. Eastern Time on April 29, 2022. ARTICLE III SOLE INCORPORATOR The name of the Sole Incorporator (the "Incorporator") is Christopher Sorrells. The address of the Incorporator is c/o of NuScale Power Corporation, 2100 McKinney Avenue, Suite 1675, Dallas, Texas 75201. ARTICLE IV AGENT The address of the Corporation's registered office in the State of Delaware is c/o Registered Agent Solutions, Inc., 838 Walker Road, Suite 21-2, Dover, Kent County, DE 19904 and the name of its registered agent at such address is Registered Agent Solutions, Inc. ARTICLE V PURPOSE The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware (as from time to time in effect, the "General Corporation Law'').

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2 ARTICLE VI STOCK Section 6.1 Authorized Stock. The total number of shares of all classes of stock that the Corporation shall have authority to issue is 512,000,000 shares, consisting of: (i) 511,000,000 shares of common stock, divided into (a) 332,000,000 shares of Class A common stock, with the par value of $0.0001 per share (the "Class A Common Stock") and (b) 179,000,000 shares of Class B common stock, with the par value of $0.0001 per share (the "Class B Common Stock" and, together with Class A Common Stock, the "Common Stock"); and (ii) 1,000,000 shares of preferred stock, with the par value of$0.0001 per share (the "Preferred Stock''). Section 6.2 No Class Vote on Changes in Authorized Number of Shares of Stock. Subject to the rights of the holders of any one or more series of Preferred Stock then outstanding, the number of authorized shares of any class of the Common Stock or the Preferred Stock may be increased or decreased, in each case by the affirmative vote of the holders of a majority of the total voting power of the outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law, and no vote of the holders of any class of the Common Stock or the Preferred Stock voting separately as a class will be required therefor. Notwithstanding the immediately preceding sentence, the number of authorized shares of any particular class may not be decreased below the number of shares of such class then outstanding, plus, in the case of Class A Common Stock, the number of shares of Class A Common Stock issuable in connection with (x) the exchange of all outstanding shares of Class B Common Stock, together with the corresponding number of Class B LLC Units, pursuant to the Sixth Amended and Restated Limited Liability Company Agreement of NuScale Power, LLC and (y) the exercise of outstanding options, warrants, exchange rights, conversion rights or similar rights for Class A Common Stock. Section 6.3 Common Stock. (a) Voting Rights. (i) Each holder of Common Stock will be entitled to one vote for each share of Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote, except that, to the fullest extent permitted by law and subject to Section 6.3(a)(ii). holders of shares of each class of Common Stock, as such, will have no voting power with respect to, and will not be entitled to vote on, any amendment to this Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock) that relates solely to the terms of any outstanding Preferred Stock if the holders of such Preferred Stock are entitled to vote as a separate class thereon under this Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock) or under the General Corporation Law. (ii) (1) The holders of the outstanding shares of Class A Common Stock shall be entitled to vote separately upon any amendment to this Certificate of Incorporation (including by merger, consolidation, reorganization or similar event) that would alter or change the powers,

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3 preferences or special rights of the Class A Common Stock in a manner that is disproportionately adverse as compared to the Class B Common Stock and (2) the holders of the outstanding shares of Class B Common Stock shall be entitled to vote separately upon any amendment to this Certificate of Incorporation (including by merger, consolidation, reorganization or similar event) that would alter or change the powers, preferences or special rights of the Class B Common Stock in a manner that is disproportionately adverse as compared to the Class A Common Stock. (iii) Except as otherwise required in this Certificate of Incorporation or by applicable law, the holders of Common Stock will vote together as a single class on all matters (or, if any holders of Preferred Stock are entitled to vote together with the holders of Common Stock, as a single class with the holders of Preferred Stock). (b) Dividends; Stock Splits or Combinations. (i) Subject to applicable law and the rights, if any, of the holders of any outstanding series of Preferred Stock or any class or series of stock having a preference senior to or the right to participate with the Class A Common Stock with respect to the payment of dividends, such dividends and other distributions of cash, stock or property may be declared and paid on the Class A Common Stock out of the assets of the Corporation that are by law available therefor, at the times and in the amounts as the board of directors of the Corporation (the "Board") in its discretion may determine. (ii) Except as provided in Section 6.3(b)(iii) with respect to stock dividends, dividends of cash or property may not be declared or paid on shares of Class B Common Stock. (iii) In no event will any stock dividend, stock split, reverse stock split, combination of stock, reclassification or recapitalization be declared or made on any class of Common Stock (each, a "Stock Adjustment") unless (a) a corresponding Stock Adjustment for all other classes of Common Stock not so adjusted at the time outstanding is made in the same proportion and the same manner and (b) the Stock Adjustment has been reflected in the same economically equivalent manner on all Class B LLC Units. Stock dividends with respect to each class of Common Stock may only be paid with shares of stock of the same class of Common Stock. (c) Liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Corporation, after payment or provision for payment of the debts and other liabilities of the Corporation and of the preferential and other amounts, if any, to which the holders of Preferred Stock are entitled, if any, the holders of all outstanding shares of Class A Common Stock will be entitled to receive, pari passu, an amount per share equal to the par value thereof, and thereafter the holders of all outstanding shares of Class A Common Stock will be entitled to receive the remaining assets of the Corporation available for distribution ratably in proportion to the number of shares of Class A Common Stock. Without limiting the rights of the holders of Class B Common Stock to exchange their shares of Class B Common Stock, together with the corresponding number of Class B LLC Units constituting the remainder of any Paired Interests in

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![](redline-20220429xorigcer004.jpg)

4 which such shares are included, for shares of Class A Common Stock in accordance with the Sixth Amended and Restated Limited Liability Company Agreement of NuScale Power, LLC (or for the consideration payable in respect of shares of Class A Common Stock in such voluntary or involuntary liquidation, dissolution or winding-up), the holders of shares of Class B Common Stock, as such, will not be entitled to receive, with respect to such shares, any assets of the Corporation in excess of the par value thereof, in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation. Section 6.4 Preferred Stock. Shares of Preferred Stock may be issued from time to time in one or more series of any number of shares, provided that the aggregate number of shares issued and not retired of any and all such series shall not exceed the total number of shares of Preferred Stock hereinabove authorized, and with such powers, including voting powers, if any, and the designations, preferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, all as shall hereafter be stated and expressed in the resolution or resolutions providing for the designation and issue of such shares of Preferred Stock from time to time adopted by the Board pursuant to authority so to do which is hereby expressly vested in the Board. The powers, including voting powers, if any, preferences and relative, participating, optional and other special rights of each series of Preferred Stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding. Section 6.5 Class B Common Stock. (a) Retirement of Class B Shares. No holder of Class B Common Stock may transfer shares of Class B Common Stock to any person unless such holder transfers a corresponding number of Class B LLC Units to the same person in accordance with the provisions of the Sixth Amended and Restated Limited Liability Company Agreement of NuScale Power, LLC. If any outstanding share of Class B Common Stock ceases to be held by a holder of a corresponding Class B LLC Unit, such share shall automatically and without further action on the part of the Corporation or any holder of Class B Common Stock be transferred to the Corporation for no consideration and retired. (b) Reservation of Shares of Class A Common Stock. The Corporation will at all times reserve and keep available out of its authorized and unissued shares of Class A Common Stock, solely for the purpose of the issuance in connection with the exchange of Paired Interests, the number of shares of Class A Common Stock that are issuable upon exchange of all outstanding Paired Interests, pursuant to the Sixth Amended and Restated Limited Liability Company Agreement of NuScale Power, LLC. The Corporation covenants that all the shares of Class A Common Stock that are issued upon the exchange of such Paired Interests will, upon issuance, be validly issued, fully paid and non-assessable. (c) Taxes. The issuance of shares of Class A Common Stock upon the exercise by holders of Class B LLC Units of their right under the Sixth Amended and Restated Limited Liability Company Agreement of NuScale Power, LLC to exchange Paired Interests for shares of Class A Common Stock will be made without charge to such holders for any transfer taxes, stamp taxes or duties or other similar tax in respect of the issuance; provided, however, that if any such shares of Class A

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![](redline-20220429xorigcer005.jpg)

5 Common Stock are to be issued in a name other than that of the then record holder of the Paired Interests being exchanged (or The Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that will hold the shares for the account of such holder), then such holder and/or the Person in whose name such shares are to be delivered shall pay to the Corporation the amount of any tax that may be payable in respect of any transfer involved in the issuance or shall establish to the reasonable satisfaction of the Corporation that the tax has been paid or is not payable. (d) Preemptive Rights. To the extent Class B LLC Units are issued pursuant to the Sixth Amended and Restated Limited Liability Company Agreement of NuScale Power, LLC to anyone other than the Corporation or a wholly owned subsidiary of the Corporation, an equivalent number of shares of Class B Common Stock (subject to adjustment as set forth herein) shall be issued to the same Person to which such Class B LLC Units are issued at par. ARTICLE VII BOARD OF DIRECTORS Section 7.1 Number of Directors. (a) The business and affairs of the Corporation shall be managed by, or under the direction of, the Board. Unless and except to the extent that the Bylaws of the Corporation (as such Bylaws may be amended from time to time, the "Bylaws") shall so require, the election of the directors of the Corporation (the "Directors") need not be by written ballot. Except as otherwise provided for or fixed pursuant to the provisions of Section 6.4 of this Certificate of Incorporation relating to the rights of the holders of any series of Preferred Stock to elect additional Directors, the total number of Directors constituting the entire Board shall, (a) as of the date of this Certificate of Incorporation, be eight (8) and (b) thereafter, shall be fixed exclusively by one or more resolutions adopted from time to time by the Board. (b) During any period when the holders of any series of Preferred Stock have the right to elect additional Directors as provided for or fixed pursuant to the provisions of Section 6.4 ("Preferred Stock Directors"), upon the commencement, and for the duration, of the period during which such right continues: (i) the then-total authorized number of Directors shall automatically be increased by such specified number of Preferred Stock Directors, and the holders of the related Preferred Stock shall be entitled to elect the Preferred Stock Directors pursuant to the provisions of the Board's designation for the series of Preferred Stock and (ii) each such Preferred Stock Director shall serve until such Preferred Stock Director's successor shall have been duly elected and qualified, or until such Preferred Stock Director's right to hold such office terminates pursuant to such provisions, whichever occurs earlier, subject to his or her earlier death, disqualification, resignation or removal. Except as otherwise provided by the Board in the resolution or resolutions establishing such series, whenever the holders of any series of Preferred Stock having such right to elect Preferred Stock Directors are divested of such right pursuant to the provisions of such stock, the terms of office of all such Preferred Stock Directors elected by the holders of such Preferred Stock, or elected to fill any vacancies resulting from the death, resignation, disqualification or

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6 removal of such Preferred Stock Directors, shall forthwith terminate and the total and authorized number of Directors shall be reduced accordingly. Section 7.2 Vacancies and Newly Created Directorships. Subject to any limitations imposed by applicable law and the rights of the holders of any one or more series of Preferred Stock then outstanding, newly created directorships resulting from any increase in the authorized number of Directors or any vacancies on the Board resulting from death, resignation, retirement, disqualification, removal from office or other cause shall, unless the Board determines by resolution that any such vacancies or newly created directorships shall be filled by the stockholders and except as otherwise provided by applicable law, be filled only by the affirmative vote of a majority of the remaining Directors then in office, even if less than a quorum of the Board, and not by the stockholders. Any Director so chosen shall hold office until his or her successor shall be duly elected and qualified or until such Director's earlier death, disqualification, resignation or removal. No decrease in the number of Directors shall shorten the term of any Director then in office. Section 7.3 Removal of Directors. Subject to any limitations imposed by applicable law, except for Preferred Stock Directors, any Director or the entire Board may be removed from office at any time, but only for cause by the affirmative vote of the holders of at least a majority of the total voting power of the outstanding shares of capital stock of the Corporation entitled to vote generally in the election of Directors, voting together as a single class. ARTICLE VIII STOCKHOLDER ACTION Section 8.1 Action by Written Consent. Any action required or permitted to be taken by the stockholders of the Corporation may be effected (i) at a duly called annual or special meeting of stockholders of the Corporation or (ii) until such time as the Company is no longer a "Controlled Company" pursuant to NYSE Rule 303A.00, by the consent in writing of the holders of a majority of the total voting power of the outstanding shares of capital stock of the Corporation entitled to vote generally in the election of Directors, voting together as a single class, in lieu of a duly called annual or special meeting of stockholders of the Corporation. Section 8.2 Meetings of Stockholders. (a) An annual meeting of stockholders for the election of Directors to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting shall be held at such place, on such date, and at such time as the Board shall determine. (b) Subject to any special rights of the holders of any series of Preferred Stock, and to the requirements of applicable law, special meetings of stockholders of the Corporation may be called only by the chairperson of the Board, the chief executive officer of the Corporation, at the direction of the Board pursuant to a written resolution adopted by a majority of the total number of Directors that the Corporation would have if there were no vacancies, or, until such time as the Company is no longer a "Controlled Company" pursuant NYSE Rule 303A.00, pursuant to a written resolution

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![](redline-20220429xorigcer007.jpg)

7 adopted by holders of a majority of the total voting power of the outstanding shares of capital stock of the Corporation entitled to vote generally in the election of Directors, voting together as a single class. Any business transacted at any special meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting. (c) Advance notice of stockholder nominations for the election of Directors and of business to be brought by stockholders before any meeting of the stockholders of the Corporation shall be given in the manner provided in the Bylaws of the Corporation. Section 8.3 No Cumulative Voting; Election of Directors by Written Ballot. There shall be no cumulative voting in the election of Directors. Unless and except to the extent that the Bylaws shall so require, the election of the Directors need not be by written ballot. ARTICLE IX LIABILITY OF DIRECTORS Section 9.1 No Personal Liability. To the fullest extent permitted by the General Corporation Law as the same exists or as may hereafter be amended, no Director or Officer of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a Director or Officer. Section 9.2 Indemnification and Advancement of Expenses. (a) To the fullest extent permitted by the applicable laws of the State of Delaware, as the same exists or may hereafter be amended, the Corporation shall indemnify and hold harmless each person who is or was made a party to or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, including an action by or in the right of the Corporation to procure a judgment in its favor (a "proceeding"), by reason of the fact that he or she is or was a Director or officer of the Corporation or, while a Director or officer of the Corporation, is or was serving at the request of the Corporation as a Director, officer, employee or agent of another corporation or of a partnership, limited liability company, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an employee benefit plan (an "indemnitee"), whether the basis of such proceeding is alleged action in an official capacity as a Director, officer, employee or agent, or in any other capacity while serving as a Director, officer, employee or agent, against all liability and loss suffered and expenses (including, without limitation, attorneys' fees and disbursements, judgments, fines, ERISA excise taxes, damages, claims and penalties and amounts paid in settlement) reasonably incurred by such indemnitee in connection with such proceeding. The Corporation shall to the fullest extent not prohibited by applicable law pay the expenses (including attorneys' fees) incurred by an indemnitee in defending or otherwise participating in any proceeding in advance of its final disposition; provided, however, that, to the extent required by applicable law, such payment of expenses in advance of the final disposition of the proceeding shall be made only upon receipt of an undertaking, by or on behalf of the indemnitee, to repay all amounts so advanced if it shall ultimately be determined that the indemnitee is not entitled to be indemnified under this Section

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8 9.2 or otherwise. The rights to indemnification and advancement of expenses conferred by this Section 9.2 shall be contractual rights and such rights shall continue as to an indemnitee who has ceased to be a Director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators. Notwithstanding the foregoing provisions of this Section 9.2(a). except for proceedings to enforce rights to indemnification and advancement of expenses, the Corporation shall indemnify and advance expenses to an indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board. (b) The rights to indemnification and advancement of expenses conferred on any indemnitee by this Section 9.2 shall not be exclusive of any other rights that any indemnitee may have or hereafter acquire under law, this Certificate as it may be further amended from time to time, the Bylaws, an agreement, vote of stockholders or disinterested Directors, or otherwise. (c) Any repeal or amendment of this Section 9.2 by the stockholders of the Corporation or by changes in law, or the adoption of any other provision of this Certificate inconsistent with this Section 9.2, shall, unless otherwise required by law, be prospective only (except to the extent such amendment or change in law permits the Corporation to provide broader indemnification rights on a retroactive basis than permitted prior thereto), and shall not in any way diminish or adversely affect any right or protection existing at the time of such repeal or amendment or adoption of such inconsistent provision in respect of any proceeding (regardless of when such proceeding is first threatened, commenced or completed) arising out of, or related to, any act or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision. (d) This Section 9.2 shall not limit the right of the Corporation, to the extent and in the manner authorized or permitted by law, to indemnify and to advance expenses to persons other than indemnitees. (e) The Corporation shall maintain Directors' and officers' liability insurance coverage, on terms reasonably satisfactory to the Board, to the fullest extent permitted by law covering, among other things, violations of federal or state securities laws. The Corporation will pay all premiums due thereon and will not make any material alteration to the terms thereof, or the coverage provided by, such insurance policy without the prior written consent of the Board. Section 9.3 Amendment or Repeal. Any amendment, repeal or elimination of this Article IX, or the adoption of any provision of the Corporation's certificate of incorporation inconsistent with this Article IX, shall not affect its application with respect to an act or omission by a Director occurring before such amendment, adoption, repeal or elimination. ARTICLE X AMENDMENT Section 10.1 Amendment of Certificate of Incorporation. Subject to Sections 6.3 and 6.4, the Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate

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10 in shares of stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article XI. Section 11.2 Enforceability. If any provision of this Article XI shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provision in any other circumstance and of the remaining provisions of this Article XI (including, without limitation, each portion of any sentence of this Article XI containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable), and the application of such provision to other persons or entities or circumstances shall not in any way be affected or impaired thereby. ARTICLE XII SEVERABILITY If any provision or provisions of this Certificate of Incorporation shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (i) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Certificate of Incorporation (including, without limitation, each portion of any paragraph of this Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (ii) to the fullest extent possible, the provisions of this Certificate of Incorporation (including, without limitation, each such portion of any paragraph of this Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its Directors, officers, employees and agents from personal liability in respect of their good faith service to or for the benefit of the Corporation to the fullest extent permitted by law. ARTICLE XIII CORPORATE OPPORTUNITY Section 13.1 Corporate Opportunities. To The Corporation renounces, to the maximum extent allowed by law, the doctrine of corporate opportunity, or any other analogous doctrine, shall not apply with respect to the Corporation or any of its officers or Directors, or any of their respective Affiliates, in circumstances where the application of any such doctrine would conflict with any fiduciary duties or contractual obligations they may have as of the date of this Certificate or in the future, and the Corporation renounces any expectancy that any of the Directors or officerspermitted by law, any interest or expectancy of the Corporation in, or in being offered an opportunity to participate in, any "Included Opportunity." An "Included Opportunity" is any business opportunity relating to the research, development, manufacture, operation, production, or delivery of equipment, services, technologies, infrastructure, or projects related to energy resources, including, but not limited to, nuclear energy, that is presented to, offered to, acquired, created or developed by, or which otherwise comes into the possession of, any of the Corporation's officers or Directors (the "Covered Persons"), unless such business opportunity is presented to, offered to, acquired, created or developed by, or which otherwise comes into the possession of such Covered Persons, expressly

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11 and solely in such Covered Person's capacity as a Director or officer of the Corporation will offer any such corporate opportunity of which he or she may become aware to the Corporation. Section 13.2 Amendments. Neither the alteration, amendment, addition to or repeal of this Article XIII, nor the adoption of any provision of this Certificate (including any certificate of designation) inconsistent with this Article XIII, shall eliminate or reduce the effect of this Article XIII in respect of any business opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this Article XIII, would accrue or arise, prior to such alteration, amendment, addition, repeal or adoption. This Article XIII shall not limit any protections or defenses available to, or indemnification or advancement rights of, any Director or officer of the Corporation under this Certificate, the Bylaws or applicable law. ARTICLE XIV DEFINITIONS As used in this Certificate of Incorporation, unless the context otherwise requires or as set forth in another Article or Section of this Certificate of Incorporation, the term: (a) "Affiliate" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person: provided, that (i) neither the Corporation nor any of its subsidiaries will be deemed an Affiliate of any stockholder of the Corporation or any of such stockholders' Affiliates unless and during such time that such stockholder holds a majority of the total voting power of the outstanding shares of capital stock of the Corporation entitled to vote generally in the election of Directors, voting together as a single class, and (ii) no stockholder of the Corporation will be deemed an Affiliate of any other stockholder of the Corporation, in each case, solely by reason of any investment in the Corporation (including any representatives of such stockholder serving on the Board). (b) "Class A LLC Unit" means a unit of NuScale Power, LLC designated as a Class A Unit pursuant to the Sixth Amended and Restated Limited Liability Company Agreement of NuScale Power, LLC. (c) "Class B LLC Unit'' means a unit of NuScale Power, LLC designated as a Class B Unit pursuant to the Sixth Amended and Restated Limited Liability Company Agreement of NuScale Power, LLC. (d) "control" (including the terms "controlling" and "controlled"), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of such subject Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise. (e) "Sixth Amended and Restated Limited Liability Company Agreement of NuScale Power, LLC" means the Sixth Amended and Restated Limited Liability Company Agreement of NuScale Power, LLC, as the same may be amended, restated, supplemented and/or otherwise modified, from time to time.

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12 (f) "General Corporation Law" is defined in Article V. (g) "LLC Units" means, collectively, the Class A LLC Units and the Class B LLC Units. (h) "NuScale Power, LLC" means NuScale Power, LLC, an Oregon limited liability company, or any successor thereto. (i) "Paired Interest" means one Class B LLC Unit together with one share of Class B Common Stock, subject to adjustment pursuant to Section 11.4 of the Sixth Amended and Restated Limited Liability Company Agreement of NuScale Power, LLC. (j) "Person" means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other entity.

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, John Hopkins, certify that:

1. I have reviewed this quarterly report on Form 10-Q of NuScale Power Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 7, 2025 | By: | */s/ John Hopkins* |
|  |  | John Hopkins |
|  |  | Chief Executive Officer (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Robert Ramsey Hamady, certify that:

1. I have reviewed this quarterly report on Form 10-Q of NuScale Power Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 7, 2025 | By: | */s/ Robert Ramsey Hamady* |
|  |  | Robert Ramsey Hamady |
|  |  | Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 of NuScale Power Corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John Hopkins, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| August 7, 2025 | */s/ John Hopkins* |
| | John Hopkins |
| | Chief Executive Officer |
| | (Principal Executive Officer) |

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 of NuScale Power Corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Robert Ramsey Hamady, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| August 7, 2025 | */s/ Robert Ramsey Hamady* |
| | Robert Ramsey Hamady |
| | Chief Financial Officer |
| | (Principal Financial Officer) |

---

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