Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-K

____________________________________

(Mark One)


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

For the fiscal year ended December 31, 2024


☐			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

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NuScale Power Corporation

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(Exact name of registrant as specified in its charter)


Delaware			98-1588588
(State or other jurisdiction of 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

Securities registered pursuant to section 12(g) of the Act:


None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

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 x 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 x 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant computed by reference to the price at which the common equity was last sold as of June 30, 2024, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $1.1 billion.

The registrant had 128,175,674 shares of Class A common stock and 154,254,663 shares of Class B common stock outstanding as of February 24, 2025.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's proxy statement for its 2025 annual meeting of stockholders are incorporated by reference in Part III of this Form 10-K.

Table of Contents


			Page

Glossary
Cautionary Note Regarding Forward-Looking Statements
Summary of Risk Factors

PART I			1
Item 1. Business			1
Item 1A. Risk Factors			19
Item 1B. Unresolved Staff Comments			33
Item 1C. Cybersecurity			3 3
Item 2. Properties			34
Item 3. Legal Proceedings			35
Item 4. Mine Safety Disclosures			36
PART II			37
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			37
Item 6. Reserved			37
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations			37
Item 7A. Quantitative and Qualitative Disclosures About Market Risk			45
Item 8. Financial Statements and Supplementary Data			45
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures			45
Item 9A. Controls and Procedures			45
Item 9B. Other Information			48
Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections			48
PART III			49
Item 10. Directors, Executive Officers and Corporate Governance			49
Item 11. Executive Compensation			49
Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters			49
Item 13. Certain Relationships and Related Transactions			49
Item 14. Principal Accounting Fees and Services			49
PART IV			50
Item 15. Exhibits, Financial Statement Schedules			50
Item 16. Form 10-K Summary			52
Signatures			53

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.

• “CFPP” refers to the Carbon Free Power Project.

• “Class A common stock” refers to shares of Class A common stock, par value $0.0001 per share, of NuScale Power Corporation.

• “Class B common stock” refers to shares of Class B common stock, par value $0.0001 per share, of NuScale Power Corporation, 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.

• “DCRA” refers to the Development Cost Reimbursement Agreement, as amended, entered into with CFPP LLC

• “DOE” refers to the U.S. Department of Energy.

• “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” United States Generally Accepted Accounting Principles.

• “G&A” expenses refers to general and administrative expenses.

• “IPO” or “Initial Public Offering” 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.

• “NSSS” refers to nuclear steam supply system.

• “NuScale Corp” refers to NuScale Power Corporation, a Delaware corporation and the combined company following the consummation of the Transaction, and its consolidated subsidiaries, including NuScale LLC.

• “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

• “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.

• “Tax Receivable Agreement” or “TRA” refers to the tax receivable agreement entered into concurrently with the consummation of the Transaction between NuScale Corp, NuScale LLC and the Legacy NuScale Equityholders.

• “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 Annual Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act 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-K, including, without limitation, statements in the “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections 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 annual report may include, for example, statements about:

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

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

•the ability to obtain regulatory approvals 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 competitors and industry;

•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 summarized below and described in more detail in the section of this annual report titled “Risk Factors”. If one or more of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these 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.

Summary of Risk Factors

Our business involves significant risks, and you should carefully read and consider the factors discussed under “Item 1A. Risk Factors.” The following is a summary of some of these risks. If any of the following events occur, our business, financial condition and operating results, and the value of our Class A common stock may be materially adversely affected.

Risks Related to Our Structure and Governance

•NuScale Corp is a holding company and its only material asset is its interest in NuScale LLC, and it is accordingly dependent upon distributions made by its subsidiaries to pay taxes, make payments under the Tax Receivable Agreement and pay dividends and fees associated with being a public company such as director retainers, New York Stock Exchange (“NYSE”) and other regulatory filings;

•If NuScale LLC were treated as a corporation for United States federal income tax or state tax purposes, then the amount available for distribution by NuScale LLC could be substantially reduced and the value of NuScale Corp shares could be adversely affected; and

•Pursuant to the Tax Receivable Agreement, NuScale Corp will be required to pay to certain Legacy NuScale Equityholders 85% of certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increases in tax basis and related tax benefits resulting from any exchange of NuScale LLC Class B units for shares of Class A common stock or cash in the future, and those payments may be substantial.

Risks Related to NuScale’s Business and Industry

•We have not yet entered into a binding contract with a customer to deliver NPMs, and there is no guarantee that we will be able to do so;

•Competitors in China and Russia currently operate commercial SMRs and may have advantages in marketing their SMRs to potential customers;

•Any delays in the development and manufacture of NPMs and related technology may adversely affect our business and financial condition;

•We have incurred significant losses since inception, we expect to incur losses in the future, and we may not be able to achieve or maintain profitability;

•The cost of electricity generated from nuclear sources or our NPMs may not be cost competitive with other electricity generation sources in some markets, which could materially and adversely affect our business;

•The market for SMRs generating nuclear power is not yet established and may not achieve the growth potential we expect or may grow more slowly than expected;

•Our commercialization strategy relies on our relationships with Fluor and other strategic investors and partners, such as ENTRA1, who may have interests that diverge from ours and who may not be easily replaced if their relationships terminate;

•We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy;

•We expect we will require additional future funding;

•If manufacturing and construction issues are not identified prior to design finalization, long-lead procurement, and/or module fabrication, then those issues will be realized during production, fabrication, or construction and may impact plant deployment cost and schedule;

•We and our customers operate in a politically sensitive environment, and the public perception of nuclear energy can affect our customers and us; and

•We are highly dependent on our senior management team and other highly skilled personnel, and if we are not successful in attracting or retaining highly qualified personnel, we may not be able to successfully implement our business strategy.

Regulatory Risk Factors

•Our SDA applications may not be approved, and approval could be delayed due to recent or future governmental staffing cuts, and any rework necessary to address NRC concerns could significantly delay the commercialization of our products;

•Our design is only approved in the United States and we must obtain approvals on a country- by-country basis before we can complete the sale of our products abroad, which approvals may be delayed or denied or which may require modification to our design;

•Our customers must obtain additional regulatory approvals before they construct power plants using our NPMs, and approvals may be denied or delayed;

•Our customers could incur substantial costs as a result of violations of, or liabilities under, environmental laws; and

•Our business is subject to a wide variety of extensive and evolving government laws and regulations. Changes in and/or failure to comply with such laws and regulations could have a material adverse effect on our business.

General Risk Factors

•We are subject to cybersecurity risk; and

•Changes in tax laws or regulations may increase tax uncertainty and adversely affect results of our operations and our effective tax rate.

Risks Related to Ownership of Our Shares of Class A common stock

•The price of shares of Class A common stock may be volatile;

•The resale of shares we have registered on a registration statement on Form S-1 (as amended on Form S-3), which represent a majority of the shares that are or will be outstanding, could cause the market price of our stock to drop significantly.

•Fluor, our largest shareholder, has publicly stated its intent to divest some of our shares, which could cause our marker price to drop.

•Sales of shares of Class A Common Stock under our Current ATM Program (as defined below) or any similar future program could result in dilution to existing stockholders and could cause the market price of our stock to drop.

•NuScale Options will become exercisable for shares of Class A common stock, which, if exercised, would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders; and

•We have in the past and may in the future be subject to short selling strategies that could result in a reduction in the market price of our Class A common stock.

Risks Related to Being a Public Company

•We have identified a material weakness in our internal control over financial reporting. Failure to remediate the material weakness or any other material weaknesses that we identify in the future could result in material misstatements in our financial statements and could cause a loss of investor confidence and/or a decline in the market price of our stock.

Part I

Item 1. Business

Unless the context otherwise requires, all references in this section to NuScale, the “Company,” “we,” “us” or “our” refer to the consolidated operations of NuScale Corp and NuScale LLC.

Overview

NuScale is redefining nuclear power through the development of proprietary and innovative SMR technology that will deliver safe, scalable, cost-effective and reliable carbon-free power. Our core technology, the NuScale Power Module™ (“NPM”), can generate 77 MWe and is premised on well-established nuclear technology principles, with a focus on the integration of components, simplification or elimination of systems and use of passive safety features. This results in a safe and highly reliable power plant suitable to be sited close to where electricity or process heat is needed.

Since 2007, over $1.8 billion has been invested in the development of our technology and we have received 478 patents globally, with an additional 194 patent applications currently pending. In September 2020, our 12-module design (currently approved for 160 million watts of thermal power or 50 MWe per NPM) became the first and only SMR to receive an SDA from the NRC. The NRC’s final rulemaking approving NuScale’s design certification became effective in February 2023. The approval was a critical milestone that allows customers to move forward with plans to develop NuScale SMR-based power plants, knowing that safety aspects of the NuScale design are NRC-approved.

In January 2023, the Company submitted a second SDA Application and the associated licensing topical reports to the NRC for NuScale’s 6-module, 77 MWe NPM plant design. On July 31, 2023, the NRC formally announced that it accepted the Company’s SDA Application for review. Once approved, customers in the United States will be able to reference the certified design and SDA for expedited construction and operating licensing of NuScale’s SMR pursuant to 10 CFR Part 52. Based on the NRC’s published schedule for SDA Application review, we expect the NRC will complete its review and SDA approval will be received by mid-year 2025.

Our unique SMR has several key defining characteristics, including:

•Proven. Our NPM technology leverages existing light water nuclear reactor technology and conventional low-enriched uranium fuel supply that have been operating globally for over 60 years.

•Simple. NuScale’s simple NPM design, based on natural circulation, integrates the reactor core, steam generators and pressurizer in a single factory-built vessel and eliminates the need for reactor coolant circulating pumps, large bore piping and other components found in conventional large-scale nuclear reactors. This simplicity improves safety and reduces capital and operational costs.

•Scalable. Our NPM’s allow for scalability from one to twelve modules in a single installation, with typical scales of 12-module (924 MWe), six-module (462 MWe) and four-module (308 MWe) versions. These NuScale SMR-based configurations can commence operation with one module and scale to house up to their approved capacity of four, six or twelve modules. This scalability will allow customers to right-size their up-front capital investment and economically increase installed capacity over time through the addition of NPMs.

•Safe. NuScale’s SMR technology has been designed to be the safest nuclear plants in the world and have several industry-first advantages over conventional large-scale nuclear plants, including an unlimited “coping” period during which the NPMs can be shut down and kept in a safe condition without operator intervention, AC or DC power or any additional cooling water. As a result, we have numerous operational and commercial advantages including a safety case that supports a small, site-boundary emergency planning zone (“EPZ”) designation by the NRC, as well as various resiliency and reliability features including the ability to start and operate a plant without AC or DC power to provide first-responder power.

In addition to the sale of NPMs, we will offer a diversified suite of services throughout the development and operating life of the power plant. Our suite of services is planned to include licensing support, testing, training, fuel supply services and program management, among others. We anticipate that our services offerings will have high penetration rates across our customer base and will provide consistent, recurring revenues throughout the project deployment phase and operating lives of NPMs. We expect service revenue to begin approximately five years prior to a power plant’s commercial operation date and to extend throughout the life of the power plant.

Our potential offtake customers are a mix of domestic and international governments, utilities, state-owned enterprises and technology and industrial companies in need of carbon-free, reliable energy.

To date, the DOE has granted NuScale four separate cost-share awards totaling more than $578.3 million, including most recently, a cost-share award granted in 2020 in which the DOE obligated $262.7 million through the 2024 fiscal year. We also benefit from a global network of strategic investors and supply chain partners that we expect will play an integral role in bringing NuScale’s technology to market around the world. Fluor, a leading global engineering, procurement and construction (“EPC”) firm, and NuScale’s largest stockholder, collaborates on plant design and the provision of EPC services to NuScale’s customers. Other strategic investors and supply chain partners include Doosan Enerbility Co., Ltd; Sargent & Lundy, LLC; Sarens Nuclear & Industrial Services, LLC; JGC Holdings Corporation; IHI Holdings Corporation; GS Energy Corporation; and Samsung C&T Corporation, among others.

As discussed in the section titled “Customers” below, the Company currently is working on a project with Fluor in Romania. RoPower Nuclear S.A. (“RoPower”), which is a joint venture established by S.N. Nuclearelectrica S.A. (“Nuclearelectrica”) and Nova Power & Gas S.A. In the third quarter of the 2024 fiscal year, Nuclearelectrica and RoPower were authorized to proceed with Fluor on a Phase 2 Front-End Engineering and Design (“FEED”) work. 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.

NuScale has aligned with ENTRA1 as its commercialization / developer partner for NuScale SMRs. ENTRA1 will develop and construct new build energy plants that will be designated / identified as ENTRA1 Energy Plants™ with NuScale SMRs inside and are the ideal solutions addressing the challenges and meeting the objectives for the customer. The ENTRA1 Solution was developed to specifically address the key needs of nuclear energy deployment projects, lessons learned from past projects, and most importantly the real-world requirements, constraints and considerations of utilities, off-takers and stakeholders. The ENTRA1 Solution is a “one-stop-shop” integrated offering to deployment that proactively combines facility design and construction, development, financing, licensing, manufacturing and operations in a framework that delivers new dispatchable, carbon-free baseload generation capacity within acceptable cost, time and risk profiles for utilities, off-takers and stakeholders.

Merger Transaction

On December 13, 2021, Spring Valley, NuScale LLC and Merger Sub entered into the Merger Agreement. On May 2, 2022, pursuant to the Merger Agreement, Merger Sub merged into NuScale LLC (the “Merger”) with NuScale LLC surviving, Spring Valley was renamed NuScale Power Corporation, and NuScale LLC continued to be held as a wholly controlled subsidiary of NuScale Corp in an “Up-C” structure (collectively, the “Transaction”). As a result of the Transaction, NuScale Corp holds all of the NuScale LLC Class A units (which are the sole voting interests at the NuScale LLC level) and Legacy NuScale Equityholders hold NuScale LLC Class B units (which are non-voting) and shares of NuScale Corp Class B common stock (which entitle the Legacy NuScale Equityholders to vote at the NuScale Corp level but which carry no economic rights). At specified times, in NuScale Corp’s discretion, Legacy NuScale Equityholders may exchange NuScale LLC Class B units (together with cancellation of an equal number of shares of NuScale Corp Class B common stock) for NuScale Corp Class A common stock.

The Transaction was accounted for as a reverse recapitalization as provided under GAAP, with NuScale Corp treated as the acquired company and NuScale LLC treated as the acquirer. This determination reflects that Legacy NuScale Equityholders hold a majority of the voting power of NuScale Corp, that NuScale LLC’s pre-Merger operations constitute the majority post-merger operations of NuScale Corp, and that NuScale LLC’s management team retained similar roles at NuScale Corp.

Industry

According to McKinsey & Company’s Global Energy Perspective 2023: Power Outlook, global electricity demand is expected to more than double from 25,000 terawatt-hours (TWh) to between 52,000 and 71,000 TWh by 2050, due to the growth in demand from data centers, emerging markets’ energy needs and electrification across the economy.

With the projected growth in power demand, the retirement of older, non-flexible dispatchable capacity, and the growing share of intermittent renewables, there is expected to be a greater need for flexible assets on both the supply and demand sides to ensure security of supply.

The Role of Nuclear in the Energy Transition. According to BloombergNEF’s New Energy Outlook 2024 (“NEO 2024”), nuclear capacity must triple to reach 1 terawatt by 2050 to reach net-zero emissions by 2050. That will require the lifetime

of existing plants to be extended, accelerated deployment in mature and fledgling markets and rapid development of SMR’s.

Social and Environmental Preferences. The effects of climate change, including extreme weather events and rising temperature, and the resulting health and socio-economic stability of at-risk populations, have led to a societal focus on the environment. As a result, a global shift is occurring in societal preferences for a reduction in greenhouse gases and a move towards more carbon-free power.

Our Market Opportunity

According to the NEO 2024, a fully decarbonized global energy system by 2050 could come with a $215 trillion price tag. To progress towards reaching that goal on the supply side, for every dollar that goes to fossil fuels, an average of $3 needs to be invested in low-carbon energy over the remainder of the decade – up from parity today.

The U.S. Energy Information Administration reports that the average 2023 capacity factor (the ratio of actual power output over generation capacity) for solar, wind and hydro was 23.2%, 33.2%, and 35.0%, respectively, compared to 93.0% for nuclear. In most regions globally, flexible and dispatchable sources, such as long-duration storage, geothermal, gas, coal with carbon capture and nuclear, will be essential. Among these sources, SMRs represent an attractive option based on their near-term viability, competitive costs, carbon-free emissions and reliability.

The production of nuclear energy as baseload power is imperative to maintaining carbon-free reliability in the U.S. electricity grid and is rightly viewed as a national security imperative. NuScale SMR Technology has the unique ability to provide the availability and reliability needed to secure our data for national security.

Strong leadership in the green economy is good for the environment and good for America and our allies. It supports our geopolitical interests by reducing reliance on non-domestic energy sources. In addition, it powers U.S. economic growth and enables global competitiveness. Additional nuclear energy supply will also support onshoring trends and America’s strong growth in domestic manufacturing.

In addition, new clean baseload generation provides highly reliable decarbonized energy at scale for large technology companies to help meet power needs for data centers and Artificial Intelligence (“AI”) while achieving sustainability objectives. ENTRA1’s global pipeline for prospective data center and AI customers is expanding with significant inbound enquiries from tier one hyperscale computing providers. Other baseload generation includes the repurposing of coal-fired facilities to nuclear.

Market Opportunity and the Role of SMRs

SMRs are small nuclear reactors designed with scalable technology using module factory fabrication that pursue economies of series production and short construction times. The four primary technologies currently being pursued in SMRs are water-cooled reactors, fast neutron reactors, high temperature gas reactors and molten salt reactors. Light water reactors, such as our NPM, are considered by the World Nuclear Association to have the lowest technological risk and are the most developed from a commercial perspective benefiting from decades of proven technology.

SMRs have a number of inherent advantages over traditional large-scale nuclear and other carbon-free power generation, including:

•Simplicity of Design. Large scale nuclear plants, which typically generate 1 GW or more, are complex in terms of design and construction. SMRs are simpler to manufacture, construct, operate and maintain. SMRs are also designed to eliminate many of the nuclear components needed in large-scale plants which adds to their simplicity.

•Enhanced Safety Features. Although our NPM is the only SMR with an NRC-approved safety case, according to the DOE, “small modular reactors have the potential for enhanced safety and security compared to earlier designs.” The smaller reactor core and reduced potential for off-site release from SMRs means SMRs may be located closer to population centers and industrial facilities in need of process heat. The robust design, small fuel inventory, and multiple barriers preventing fission product release contribute to a low probability and consequence of radionuclide release, even under extreme upset conditions, thus simplifying the emergency preparedness and response and providing a basis for reducing the EPZ. NuScale is the only company to obtain approval of its EPZ methodology from the NRC (or any other national government nuclear regulatory body) as well as the only SMR developer to have an approved regulatory basis for obtaining a site boundary EPZ. In 2022, the NRC approved a new methodology for SMR emergency planning; however, no other SMR vendor has had its methodology approved following the new criteria.

•Economics versus Traditional Nuclear. Traditional large-scale nuclear facilities have high upfront capital costs due to the size of the power plants as well as long construction times. These plants require significant resource planning and utilities have hesitated to deploy the capital necessary to build large-scale nuclear plants because of these high costs. SMRs are simpler, smaller and the reactors are largely factory built, leading to shorter construction times and greater cost predictability.

•Modular and Scalable. SMRs can more easily match customer needs while avoiding surplus capacity. Modularity results in splitting power plant development between the factory and the field, reducing the schedule risk that has impacted large reactor construction projects. The NuScale modular design has the benefit to customers of being right-sizable upon construction and scalable over time.

•Smaller Footprint. A typical 1,000-megawatt nuclear facility in the United States needs little more than one square mile to operate, while wind farms require 360 times more land area to produce the same amount of electricity and solar photovoltaic plants require 75 times more space. Furthermore, SMRs can be sited closer to the end-user, significantly reducing the need for transmission infrastructure while also providing ancillary benefits such as process heat to end users.

Our Technology

Our NPM is the product of approximately 18 years of research and development by NuScale and key collaborators, including Oregon State University and the Idaho National Laboratory. Over $1.8 billion (including non-dilutive DOE grants) has been invested to date to de-risk the technology, plant operations and manufacturing processes and obtain regulatory approvals. The technology is protected by 672 issued and pending patents globally.

NuScale SMR-based power plants are composed of multiple NPMs, each of which is capable of producing 77 MWe. The NPM consists of an integral reactor composed of the reactor core, helical coil steam generators and pressurizer within the reactor pressure vessel, enclosed in a steel containment vessel. The reactor core consists of an array of fuel assemblies and control rod clusters at standard enrichments. The helical coil steam generator consists of two independent sets of tube bundles with separate feedwater inlet and steam outlet lines. The integral reactor measures 65 feet tall and 9 feet in diameter. The containment vessel measures 76 feet tall and 15 feet in diameter and is much smaller and stronger than the concrete containment shells for large reactors. The NPM operates inside a stainless-steel lined, water-filled pool located below ground level.

NuScale Power ModuleTM

Our NPM technology leverages existing light water nuclear reactor technology and fuel that has been operating globally for over 60 years. The reactor operates using the principles of buoyancy-driven natural circulation; hence, no pumps are needed to circulate water through the reactor. Once the heated water reaches the top of the riser, it turns downward into an annulus where the hot water flows over the steam generator tubes. Water in the reactor system is kept separate from the water inside the steam generator to prevent contamination. As the hot water in the reactor system passes over the hundreds

of tubes in the steam generator, heat is transferred through the tube walls and the water inside the tubes turns to superheated steam. This innovative design eliminates the need for reactor coolant pumps, large bore piping, complex safety systems and other components found in conventional large-scale nuclear reactors. The result is a simplified system that improves safety and reduces capital and operational costs.

Design Features and Innovations

Our NPM introduces a number of key design innovations that allows us to be the safest and most reliable provider of nuclear energy. These design features include:

•Proven Technology. Our NPM design relies on well-established pressurized, light water reactor technology. As such, NuScale SMR-based power plants can be licensed within the existing regulatory framework for light water reactors, drawing on a vast body of established research and development, proven codes and methods and existing regulatory standards. Because our technology was designed based on this proven foundation, we believe NuScale has a significant advantage over other alternative and yet unproven nuclear technologies that may come to market, both with respect to obtaining regulatory approvals and attracting customer interest.

•Single, Integrated Unit. The NPM incorporates all of the components for steam generation and heat exchange into a single integrated unit. This design eliminates all large bore interconnection piping, which is historically a potential source of failure and cause of construction complexity for large-scale reactors.

•Compact Size. Each NPM, including the containment vessel, can be entirely fabricated in a factory and shipped by rail, truck, or barge to the power plant site for assembly and installation. Fabrication of the modules in a factory environment reduces fabrication cost, improves quality, reduces construction time and increases schedule predictability. This is a distinct benefit compared to traditional large-scale nuclear plants in which reactors are built on-site and only after their completion can the balance of the plant be constructed. We can fabricate our NPMs in parallel with site construction, saving time and reducing complexity, labor and construction costs.

•Natural Circulation. The reactor core of our NPM is cooled entirely by natural circulation of water. Natural circulation provides a significant advantage in that it reduces capital and operational costs by eliminating reactor coolant pumps, pipes and valves and the associated power, maintenance and potential failures of those components.

•Refueling and Maintenance Innovations. Each NPM can produce power continuously for approximately 20 months before refueling is required. Because of the multi-module design of NuScale SMR-based power plants, each NPM can be refueled in a staggered manner, reducing total plant output by only 77 MWe for approximately 10 days. This significantly reduces the cost of replacement power compared to large-scale nuclear plants (typically 1,000 MWe) that must shut down their entire capacity for any outage. Whereas large-scale nuclear plants can require as many as 1,000 or more individuals for refueling and associated outage activities, we can undergo the same refueling and outage activities with a much smaller, permanent, in-house crew made up of as few as 50 individuals.

•Multi-Module Control Room. NuScale has designed, and received NRC approval for, an innovative control room that can control up to 12 NPMs with only three licensed operators. This compares with traditional large-scale nuclear plants that require a minimum six licensed operators for three reactors. This innovation is enabled by NuScale’s proprietary platform called the Highly Integrated Protection System (“HIPS”). The HIPS platform provides a robust safety platform to monitor NPMs and help protect NuScale SMR-based power plants from potential cybersecurity attacks.

Safety Case

NuScale’s design innovations have allowed for several industry-first and best-in-class safety attributes.

•Unlimited “coping period”. Our NPMs are designed with fully passive safety systems and are kept safe in a cooling condition for an unlimited time following any extreme event that renders a power plant without external power. During the span of such an event and for an unlimited time, NuScale SMR-based power plants do not require any internal or external human or computer actions, AC or DC power or additional water to cool the reactors (referred to as NuScale’s Triple Crown For Nuclear Plant Safety). An unlimited coping period is unprecedented for commercial light water nuclear reactors. Historically, commercial light water nuclear reactors have maximum coping periods of 72 hours before operator action is required to keep the reactor safe.

•Support for Site Boundary EPZ. NuScale SMR-based power plants have been designed to allow an NRC-approved EPZ that does not extend beyond the power plant site boundary (the restricted area controlled by the plant owner). The NRC has approved NuScale’s methodology for calculating EPZ size. This methodology, approved solely for NuScale’s unique passively safe design, demonstrates that most NuScale SMR-based plant sites in the U.S. can be approved with a 300-yard “site-boundary” EPZ. Currently operating commercial nuclear power plants in the U.S. are

required to have a 10-mile radius EPZ from the reactor site and the population within the EPZ must be capable of evacuating within a specified time period. The smaller EPZ enables NuScale SMR-based power plants to be sited closer to end-users, which is of particular importance to process heat off-takers and to owners seeking to repower retiring coal-fired generation facilities.

•No Requirement for Backup Power. The NRC concluded that NuScale’s safety design eliminates the need for “Class 1E” power – i.e., safety-related, backup power. This means that NuScale SMR-based power plants do not need costly emergency diesel generators to ensure the safety of the reactors in the event of a power loss. Today, no operating nuclear plant in the United States can make this claim.

•Resilience to Man-made and Natural Events. The NuScale SMR-based reactor building is designed to withstand the impact from man-made and natural events, including floods, earthquakes (in excess of the Fukushima event), tornados and hurricanes in excess of 280 mph winds, and the impact of a large commercial airplane. The NuScale SMR-based power plant is also designed to safely shut down following an electromagnetic pulse or geomagnetic disturbance.

Technology-Enabled Operational Features

NuScale’s design innovations and best-in-class safety case create several technology-enabled operational features that no other carbon-free generation source can claim. These features address a host of critical industry needs with respect to grid resiliency and reliability and provide customers with related commercial benefits that other power generation solutions do not provide. Select features of the NuScale SMR-based power plants include:

•No Requirement for connection to the grid. The NuScale SMR-based plant is the only commercial nuclear power plant approved by the NRC without requiring any connections to the transmission grid for safety. This allows off-grid operation such that NuScale SMR-based plants can be sited in the proximity of industries needing electricity and process heat. It also enables a NuScale SMR-based plant to replace a coal fired power station located at the end of a single transmission line.

•First Responder Power. When the transmission grid is lost, traditional large-scale nuclear power plants automatically and rapidly shutdown. Large-scale nuclear power plants are not capable of restarting, nor are they permitted to do so, until the transmission grid is restored because power from the grid (supplied by two off-site sources) is required to power the safety systems and operate the equipment necessary to start the power plant. The NuScale SMR-based power plant would remain at power, ready to immediately sell electricity to the grid when the grid is back online, making it a first responder to the restoration of the transmission grid.

•Black-Start Capability. A NuScale SMR-based power plant can start up from cold conditions without external grid connections. This NuScale design capability is a first-of-a-kind for the nuclear industry.

•Island Mode Power. A single NPM can supply all the “house load” electricity needs of the plant while also continuing to provide power to a local industrial customer or mission critical facility without external grid connection via a micro-grid connection.

•Highly Reliable Power. The 12-module power plants, that produce 924 MWe of power, will be able to provide 154 MWe to mission critical facilities such as data centers with 99.95% availability over the 60-year life of the plant. In the event of a catastrophic loss of offsite grid and disruption of transportation infrastructure, a 12-module power plant will be able to provide up to 120 MWe to a mission critical facility micro-grid for at least four years without refueling.

Design Validation, Testing and Manufacturing Trials

NGE2_0002_Control Room Simulator_Full-large.jpg

NuScale Control Room Simulator

NuScale’s safety design has been validated through rigorous testing of critical components, such as fuel assemblies, control rod and control rod drive mechanisms and the integral helical coil steam generators. NuScale has constructed an electrically-heated, one-third scale, high-pressure and temperature integral thermal-hydraulic test facility that demonstrates the operation of the entire nuclear steam supply system and safety systems. NuScale testing programs have been audited by the U.S. Nuclear Regulatory Commission.

Long-lead items for the first six NPM upper reactor vessels, including forgings, tubing, tube bending machines, and weld materials have been received at the manufacturing site at Doosan Heavy Industries and Construction Company, Ltd., the Company’s manufacturing partner. Manufacturing trials for key components such as steam generator tubes and vessel cladding processes have been completed.

Long Lead Materials Forgings1

1 Source: Doosan Enerbility

In addition, we have proven the ability to safely operate 12 NPMs from a single control room by building and operating a full-scale simulated control room. Through comprehensive testing in this simulator, NuScale has shown that the demands on the reactor operators are significantly reduced compared with traditional large reactors, as a result of the simplicity of the design, advancements in digital controls, and the fact that NuScale’s design requires no operator-initiated safety functions for all design basis events. Through comprehensive analyses, demonstrations and audits, the NRC has approved NuScale’s conduct of operation such that three licensed operators can safely operate a 12-module plant without the need for a Shift Technical Advisor, a key safety-related role required by the NRC for all existing large-scale nuclear plants.

Products and Services

NuScale has determined that it currently operates in a single segment and will periodically reassess that determination as it nears commercialization and deployment of its NPMs.

NuScale Power Modules and NSSS Equipment

Our core technology, the NuScale Power Module™ (“NPM”), can generate 77 MWe and is premised on well-established nuclear technology principles, with a focus on the integration of components, simplification or elimination of systems, and use of passive safety features.

A customer seeking to deploy a NuScale SMR-based power plant will be granted a license from NuScale to construct, operate, maintain and decommission the plant. NuScale will also provide design and nuclear regulatory licensing basis information necessary for the customer to obtain regulatory approval to construct and operate the power plant.

Sale of Equipment including NuScale Power Modules. NuScale expects to sell to the customer major nuclear-engineered equipment. This will consist of the NPMs, the reactor building crane, nuclear fuel, module assembly and handling equipment and other equipment associated with the nuclear steam supply system and nuclear fuel handling and storage. NuScale expects to provide the manufacturing and delivery of modules to the customers’ power plant site on a contracted basis. NuScale also expects to receive payment related to the fabrication of the NPMs coincident with the order of materials and commencement of manufacturing so that no working capital will be required from NuScale for work-in-progress or finished inventory.

Services

We will also offer customers a diversified suite of services throughout the life of the power plant, beginning approximately five years prior to a plant’s commercial operation date. Pre- and post-commercial operation date service offerings provide customers with critical services related to the licensing, design, development, construction, operation and maintenance of the power plant. As a first mover and developer of the power plant’s nuclear technology, we believe we are well positioned to be a trusted service provider. As such, we anticipate our services will have high penetration rates and will provide consistent, recurring revenues that could become significant once a large number of NuScale SMR-based plants are in operation.

Our services include:

•Regulatory licensing support, including in the United States preparation and prosecution support for the customer’s desired regulatory approval regimes under either 10 CFR, Part 50 or Part 52 pursuant to NRC regulations;

•Start-up testing and commissioning support;

•Accredited training programs to support initial and ongoing power plant operations;

•Management of all aspects of the NRC required inspections, tests, analysis and acceptance criteria process;

•NPM mechanical handling;

•Initial and ongoing fuel bundle loading and movement;

•Design engineering management during commercial operation;

•Operations and maintenance program management, including regulatory compliance reporting support;

•Procurement and spare parts management;

•Nuclear fuel management including reload analysis; and

•Outage planning and execution support.

Competitive Strengths

Only Viable Carbon-free Baseload Power. Nuclear is the only viable carbon-free baseload power available to address the global need for carbon-free generation and to meet decarbonization targets year-round. NuScale SMR-based power plants provide highly reliable, cost-effective, carbon-free baseload power to electric grids – no other existing baseload technology can claim the same benefits on the scale needed to address the world’s growing needs.

Innovative Technology Platform and Intellectual Property Portfolio. We have 478 patents issued and an additional 194 patents pending. These 672 patents protect key aspects of our technology, and we continue to grow our intellectual property portfolio. In addition, we have a highly educated workforce of 330 employees, of whom 79 have master’s degrees in engineering and science and 21 have Ph.Ds. We believe our intellectual property rights, as well as our highly skilled personnel are important assets necessary to maintain our competitive advantage in the market and expand on our technology platform.

First to Receive an SDA from the NRC. Although China and Russia have currently operating SMRs, ours is the first and only SMR to receive an SDA from the NRC. This is an important regulatory milestone that provides customers with certainty – knowing that the NRC approves of the plant design – before committing significant capital to develop a nuclear facility. The SDA process took NuScale 41 months to complete – including preparation, application and receipt of approval. This was the fastest any nuclear reactor company has ever received approval from the NRC. To date, no SMR or advanced reactor company other than NuScale has even applied to the NRC for SMR SDA. We believe that this, and the fact that our design approval timeline was based on well-established light water nuclear technology, provides NuScale with a solid competitive advantage over other SMR competitors.

Unparalleled Safety Case. NuScale’s innovative, fully passive safety system design addresses the historical concerns of traditional large-scale nuclear power plants. In the event of a total loss of power to the facility, a NuScale SMR-based power plant does not require any operator or computer actions, grid connection or emergency backup power or additional water to cool the reactors and can remain safe indefinitely. All large-scale nuclear reactors require one or all three of these within a period of days. The rigorously tested safety case results in an array of applications and commercial opportunities

for NuScale that traditional nuclear power plants cannot support, and can be located closer to end-users and population centers.

Global Network of Strategic Investors and Supply Chain Partners with DOE Support. We have developed a global network of blue-chip supply chain partners, many of which are investors in NuScale. We believe these partners will play a critical role in the successful procurement of components and fuel supply, fabrication of components and manufacturing of our NPMs. In addition, we have also received significant financial and regulatory support from the DOE since the inception of NuScale.

Cost-Competitive. NuScale’s technology is cost-competitive both in the United States and globally. Our technology’s reliability, resiliency and flexibility are key attributes that customers and regulators value highly. We believe our competitive cost coupled with our differentiated capabilities gives us a significant competitive advantage over other technologies.

Visionary Management Team. We have an experienced and passionate team of leaders and innovators who have developed the technology over the years and run the operations of the business today with extensive commercial and energy industry experience. Our executives have extensive prior management experience in nuclear and engineering organizations, such as the NRC, United States Navy, DOE, General Electric Company, Exelon Corporation, Framatome and others. Among key members of NuScale’s executive leadership team is Dr. José N. Reyes, Ph.D., co-founder and Chief Technology Officer of the Company. Dr. Reyes is co-designer of the NuScale SMR and is an internationally recognized expert on passive safety system design, testing and operations for nuclear power plants. Dr. Reyes has served as a technical expert at the International Atomic Energy Agency and as an engineer with the Reactor Safety Division of the NRC. He is Professor Emeritus in the School of Nuclear Science and Engineering at Oregon State University, was inducted into the National Academy of Engineering in 2018 and holds over 182 patents granted or pending in 21 countries.

Competition

Our competitors are other power generation technologies, including traditional baseload, renewables, long duration storage and other nuclear reactors, including SMRs. We believe our competitive strengths differentiate us from our competition globally, in part because NuScale’s SMR technology is currently the only NRC-approved SMR technology capable of meeting the growing demand for carbon-free baseload generation.

Carbon-Free Energy. According to BloombergNEF, more than 40% of the world’s electricity came from zero-carbon sources in 2023, including wind, solar, hydroelectric and large-scale nuclear. Among these technologies, only nuclear is highly reliable, cost-effective, dispatchable and land use efficient. Additionally, since renewables are weather-dependent, they are too unreliable to support certain end-use cases, including mission-critical applications or industrial applications that require extensive on-site, always-available power. Due to their innovative design, NuScale SMR-based power plants can operate as baseload generation, load-follow renewables and/or support key industrial applications.

Fossil Fuels. The majority of the world’s electricity continues to be sourced from gas, coal and oil. While reliable, these sources are carbon-intensive and we expect them to largely be replaced with carbon-free generation over time.

Other Advanced Nuclear Reactors. There are several reactor technologies that are in various stages of development, such as high temperature gas-cooled reactors, fast reactors, molten salt reactors, fusion technologies and others, and commercial SMRs are currently operating in China and Russia. These technologies, like ours, are designed to be clean, safe and highly reliable. However, these technologies have not received regulatory approval in the United States, and many of the technologies have not been demonstrated and do not have fuel supply infrastructure in place. Currently, we have the only SMR that has received an SDA from the NRC, and no other SMR company or customer has even applied for an SDA. Achieving SDA is a regulatory process that took us over $500 million to prepare and 41 months and over $200 million to complete.

Customers

NuScale, with its global strategic partner ENTRA1, has a strong pipeline of potential customers consisting of governments, political subdivisions, state-owned enterprises, investor-owned utilities and other technology and industrial companies, both in domestic and international markets, considering the deployment of an ENTRA1 Energy Plants™ with NuScale SMRs inside. Our end-markets can be broken down into two general subsets: baseload generation and industrial applications.

Many industrial customers require significant energy needs such as chemical plants, direct air capture facilities, hydrogen production facilities, oil refineries, metal smelters and water desalination plants. Our technology can provide the necessary reliable electricity and heat energy to these facilities in an environmentally efficient manner.

In December 2022, we completed our Standard Plant Design (“SPD”), which provides potential customers with a generic NuScale SMR-based power plant design that will serve as a starting point for deploying site-specific designs, including supporting client licensing and deployment activities. Further, international customers seeking to decarbonize and meet climate change goals are increasingly looking at NuScale SMR-based power plants as their means to meet energy needs and carbon-reduction goals.

RoPower/SNN. On November 4, 2021, NuScale and Nuclearelectrica, a national energy company in Romania that produces electricity, heat and nuclear fuel, signed a teaming agreement to advance the delivery of NuScale’s SMR technology. NuScale and RoPower, which is owned in equal shares by Nuclearelectrica and Nova Power & Gas S.A., announced on January 4, 2023, that a contract for pre-FEED work was signed between the parties on December 28, 2022. After completing the pre-FEED work, in July 2024, NuScale and RoPower signed a technology licensing agreement, which grants RoPower a right to use certain intellectual property of NuScale’s. This was followed up by the execution of a contract between NuScale and Fluor in October 2024 for work to be performed under Fluor’s FEED Phase 2 contract with RoPower, marking a significant step toward the near-term deployment of a RoPower Power Plant at the Doichest site in Romania expected to occur by 2030.

Growth Strategy

We intend to grow our business by leveraging our competitive advantages in scalability, safety, reliability and cost. We have a number of avenues to achieve our growth objectives:

Traditional and New Applications. We believe the market for NuScale SMR-based power plants is wherever non-intermittent, reliable, carbon-free power is needed. Initially, we are focused on replacing carbon intensive coal-fired power plants and as an alternative to new-build gas-fired generation. Additionally, we are focused on our ENTRA1 partnership positioning their ENTRA1 Energy Plants™ with NuScale SMRs inside to hyperscalers, technology, industrial and micro-grid customers in sectors that include direct air capture, water desalinization, hydrogen production and mission critical facilities.

International Customer Development. With ENTRA1 we continue to develop our international customer interest as we foresee a significant customer demand over the long-term to be outside of the United States. Our collective team puts significant effort into developing dialogue with foreign governments and corporations in order to educate and market our technology.

Technology Advancements. Using our innovative technology platform and robust intellectual property portfolio, NuScale is well-positioned to continue making technology advancements over time. These improvements include increasing power output, simplifying operations, reducing construction time and reducing production cost. Just as we increased power to 77 MWe per module without increasing module size or construction costs, our R&D team is continuously researching and developing ways to improve our technology and meet our customers’ energy needs – creating top line growth opportunities and potential for increasing margins over time.

Development of New Products. We continue to explore the development of innovative new products based on our core NPM technology. For example, we are developing a micro-reactor for niche end-markets. Our micro-reactor design is a 0.01 MWe to 10 MWe module intended to supply power to remote, off-grid and small communities. Use applications could include mining, universities, space power, military installations and disaster relief. These micro-reactors are expected to be small, compact, highly reliable, fully automated and rapidly deployable.

Supply Chain

Our supply chain is ready for deployment, and we continue to mitigate manufacturing risks through strategic manufacturing trials of our key components in advance of customer orders. Last fall, we completed all identified and planned manufacturing trials associated with our most critical component, our NPM. We continue to progress our NPM long lead material procurement, including forging manufacturing and steam generator tubes, for the first 12 modules, enabling us to leverage our extensive global supply chain ecosystem for all NPM components and for the construction of NuScale SMR-based power plants.

We have strategically executed supply agreements with our critical supply chain partners that allow us to order key NPM components. We continue to focus on our partnerships with suppliers, such as Doosan Enerbility Co., Ltd.; Precision Custom Components LLC; Sarens Nuclear & Industrial Services, LLC; Curtiss-Wright Corporation; and IHI Corporation, among others, who we expect to build components of NPMs to our specifications. Other key suppliers include Framatome, SA (fuel assemblies), Honeywell International Inc. (control systems), Paragon Energy Solutions (protection systems), Sensia LLC, Mirion Technologies, Ultra Energy (sensors and instrumentation), Trillium Flow Technologies, Conval (valves), and PaR Systems, Inc. (reactor building crane).

Partnerships

Fluor. Fluor, a leading global EPC firm, is the largest stockholder in NuScale and collaborates with NuScale on plant design and is a provider of engineering, project management, procurement and construction services. A number of the strategic investors including Fluor have business collaboration agreements with NuScale, under which the strategic investors have rights to perform engineering, procurement, construction and other specified services for NuScale.

DOE. The U.S. Department of Energy has granted NuScale four separate cost-share awards totaling more than $0.6 billion to develop, certify and commercialize our SMR technology. DOE-funded research in 2003 helped accelerate the development of NuScale’s SMR prior to forming NuScale in 2007. In addition, NuScale has ongoing collaborations with DOE labs, including the Idaho National Lab, Argonne National Lab, Oak Ridge National Lab and Pacific Northwest National Lab.

ENTRA1 Energy. NuScale is aligned with ENTRA1 as its commercialization/developer partner for NuScale SMRs. Their ENTRA1 Energy Plants™ with NuScale SMRs inside are the ideal solutions addressing the challenges and meeting the objectives for the customer. The ENTRA1 Solution was developed to specifically address the key needs of nuclear energy deployment projects, lessons learned from past projects, and most importantly the real-world requirements, constraints, and considerations of utilities, off-takers and stakeholders. The ENTRA1 Solution is a “one-stop-shop” integrated offering to deployment that proactively combines facility design and construction, development, financing, licensing, manufacturing and operations in a framework that delivers new dispatchable, carbon-free baseload generation capacity within acceptable cost, time and risk profiles for utilities, off-takers and stakeholders.

ENTRA1 Energy Plants™ with NuScale SMR technology inside is a unique and exclusive model that allows us to provide a one-stop-shop energy solution to customers globally.

Supply Chain Partners and Strategic Investors. NuScale has a global network of strategic investors and supply chain partners that we expect to play an integral role in bringing our technology to market around the world. In addition to Fluor, existing strategic investors and supply chain partners include Doosan Enerbility Co., Ltd., Sargent & Lundy, LLC, Sarens Nuclear & Industrial Services, LLC, JGC Holdings Corporation, IHI Corporation, GS Energy Corporation and Samsung C&T Corporation.

Collaboration with Academic Institutions. NuScale has benefited from independent research, peer-reviewed studies and testing conducted by and with academic institutions, including Oregon State University, Boise State University, Colorado School of Mines, University of Houston, University of Idaho, University of Illinois Urbana-Champaign, Kansas State University, University of Maryland, Massachusetts Institute of Technology, University of Michigan, Missouri University of Science and Technology, Morgan State University, University of Nevada Las Vegas, North Carolina State University , POLIMI (Italy), University of Sheffield (U.K.), University of Tennessee, Texas A&M, Utah State University, University of Utah, University of Wisconsin and University of Wyoming.

Other Collaboration. NuScale has been working with the International Atomic Energy Agency and regulators in Canada, Japan, Poland, Romania, the U.K. and Ukraine, and will be or are supporting our customers’ engagement with regulators in other international jurisdictions. We expect that our strategic relationships with governmental agencies will help facilitate the licensing our SMR in the United States and abroad, and that our relationships with experienced private companies, which have offices and projects in countries with potential NuScale customers, will allow us to reach customers globally.

Intellectual Property

As of December 31, 2024, NuScale had been issued 478 patents globally, and had 194 pending patents. These 672 issued or pending patents, filed across 21 jurisdictions including in the U.S., protect key aspects of our technology and demonstrate the continued growth of our intellectual property portfolio. We believe our intellectual property rights are

important assets for our success and we aggressively protect these rights to maintain our competitive advantage in the market.

We own all necessary rights to the intellectual property associated with our technology to allow any capable manufacturer the ability to fabricate or build to print all components of the NPM. We also commissioned and own the rights to a NuScale standard plant design, giving customers significant cost savings in designing and engineering the balance of plant needed for electricity generation. Approximately one-third of our patent portfolio relates to our safety system, one-third relates to power production and the remaining third to other categories such as software and to the reactor module, operability, modularity and inspection. NuScale’s proprietary module protection system was developed in-house and has been approved by the NRC. We manage our patent portfolio to maximize the lifecycle of protecting our intellectual property, and various components and aspects of our system are protected by patents that will expire at staggered times.

Research & Development

Prior to forming our company in 2007, the DOE funded research from 2000 to 2003 to develop the fundamental concept for our SMR. NuScale continues to maintain active research collaborations with the DOE, universities, national laboratories and industrial partners. This includes deploying its state-of-the-art Energy Exploration (E2) Centers at universities in the U.S., Romania, Ghana and South Korea. These NuScale control room simulators provide excellent training opportunities for the next generation of nuclear plant operators.

Our current R&D efforts are centered on innovative plant operations and services, introducing new product innovations, and lowering the lifecycle cost of our NPMs. The R&D team is also involved in developing new innovative technologies that will integrate NuScale SMR-based plants with a wide range of industrial applications, including steam compression and heating systems for industrial process heat, hydrogen production, storage and transport systems and advanced micro-reactor technologies.

Human Capital

As of December 31, 2024, approximately 29% of our full-time employees are women and 15% belong to historically underrepresented groups. We have three female executives and one executive belongs to a historically underrepresented group in the science and technology sectors. NuScale is a signatory to the International Energy Agency Clean Energy Ministerial’s “Equal by 30 Campaign”, a public commitment to increase the number of women in the clean energy sector by 2030.

On January 8, 2024, NuScale announced a plan (the “Plan”) to reduce the Company’s workforce by 154 full time employees, or 28%. These strategic actions aligned resources with core priorities, which include advancing revenue-generating projects, securing new orders and positioning NuScale towards technology commercialization and long-term success.

As of December 31, 2024, we had 330 full-time employees with an aggregate of 124 advanced degrees, including 79 master’s degrees in engineering and science and 21 Ph.Ds. Twelve percent of our engineers are veterans. Our workforce is concentrated in the Portland and Corvallis, Oregon areas, but we have employees working in 36 states and the District of Columbia. We have a seasoned leadership team with extensive experience in the nuclear industry that places significant focus and attention on matters concerning our human capital assets, particularly our diversity, capability development and succession planning. Accordingly, we regularly review employee development and succession plans for each of our functions to identify and develop our pipeline of talent.

Information about our current Executive Officers and other Significant Employees as of December 31, 2024

Name

Age

Position

John L. Hopkins

Chief Executive Officer, Director

José N. Reyes

Chief Technology Officer

Robert Ramsey Hamady

Chief Financial Officer

Carl Fisher

Chief Operating Officer

Clayton Scott

Chief Commercial Officer

Robert Gamble

Vice President, Engineering

Karin Feldman

Senior Vice President, Product and Project Delivery

Carrie Fosaaen

Vice President, Regulatory Affairs

Jackie Engel

Interim Vice President, Accounting

John L. Hopkins has been at the helm of NuScale Power as the Chief Executive Officer since December 2012 and has served on the company’s Board during the same period. He transitioned from the role of Executive Chair after a tenure spanning from December 2012 to December 2021. Prior to joining NuScale, Mr. Hopkins had a notable career at Fluor Corporation, where he commenced his journey in 1989. Over the years, he ascended through various leadership positions entrenched in global operations and business development, ultimately serving as a corporate officer from 1999 until joining NuScale in 2012. Mr. Hopkins is actively engaged in numerous professional and business organizations, holding influential positions such as a member on the Executive Committee, Audit Committee, and Compensation Committee of the United States Chamber of Commerce in Washington, D.C. He previously chaired both the Board and the Executive Committee. His experience also includes serving on the U.S. Department of Energy’s Nuclear Energy Advisory Committee from 2019 to 2020, alongside current roles as a member of the Nuclear Energy Institute Executive Committee and as an Energy Task Force Member at the Atlantic Council and International Atomic Energy Agency (“IAEA”) Group of Vienna. As a senior energy policy advisor at I Squared Capital in New York, Mr. Hopkins has also made significant contributions as a senior executive member on the boards of Fluor Netherlands and Fluor United Kingdom, chaired Savannah River Nuclear Solutions, LLC, and held a directorship with the Business Council for International Understanding. His qualifications to serve as chief executive officer stem from his in‐depth knowledge of NuScale and its operational dynamics, strategic relationships with key stakeholders, and extensive experience in management, particularly within the nuclear sector and engineering and construction fields. Mr. Hopkins holds a B.B.A from the University of Texas at Austin and has participated in several advanced management programs.

José N. Reyes, Ph.D., co-founded NuScale Power, LLC, co-designed the NuScale passively cooled small nuclear reactor and has served as the company’s Chief Technology Officer since 2007. Dr. Reyes is an internationally recognized expert on passive safety system design, testing and operations for nuclear power plants. He has served as a United Nations International Atomic Energy Agency technical expert on passive safety systems, is a co-inventor on more than 182 patents granted or pending in 21 countries and has received several national awards including the 2013 Nuclear Energy Advocate Award, the 2014 American Nuclear Society Thermal Hydraulic Division Technical Achievement Award, the 2017 Nuclear Infrastructure Council Trailblazer Award and the 2021 American Nuclear Society Walter H. Zinn Medal, and was a 2021 inductee into the University of Maryland Innovators Hall of Fame. Dr. Reyes is a fellow of the American Nuclear Society, a Nuclear Reactor Thermal-Hydraulics fellow, and a member of the National Academy of Engineering. In the past, he has served as head of the Oregon State University Department of Nuclear Engineering and Radiation Health Physics, directed the Advanced Thermal Hydraulic Research Laboratory and was the Co-Director of the Battelle Energy Alliance Academic Center of Excellence for Thermal Fluids and Reactor Safety in support of the Idaho National Laboratory mission. Dr. Reyes currently serves as a Professor Emeritus in OSU’s School of Nuclear Science and Engineering. He holds Ph.D. and Master of Science degrees in nuclear engineering from the University of Maryland and a Bachelor of Science degree in nuclear engineering from the University of Florida. He is the author of numerous journal articles and technical reports, and he has given lectures and keynote addresses to professional nuclear organizations in the United States, Europe and Asia. He is a licensed professional engineer in the state of Oregon.

Robert Ramsey Hamady assumed the role of NuScale’s Chief Financial Officer (“CFO”) in August 2023. Mr. Hamady is responsible for financial leadership and risk management, capital markets engagement and driving value in support of NuScale stakeholder objectives. During his 26-year professional career, Mr. Hamady has supported many high-growth firms engaged in transformative development, most recently serving as CFO of private and public SEC-reporting organizations such as Equify Financial and Western Magnesium Corporation. Prior to those positions, Mr. Hamady served as the Director, Finance and Investments, of HG Global, a private asset management firm focused on investments in the energy, infrastructure and financial sectors. Mr. Hamady also founded Gulf Capital Credit Opportunities, a special situations investment fund backed by sovereign wealth, multilateral, and private investors. Mr. Hamady began his career at Lehman Brothers as an emerging markets sovereign bond trader. He later continued his corporate finance career at J.P. Morgan, where he transacted special situations investments and sponsor-backed leverage buy-outs on behalf of tier one global private equity. Mr. Hamady holds a Bachelor of Science degree in Industrial Management from Carnegie Mellon University in Pittsburgh, Pennsylvania. He is a supporter of efforts to alleviate global poverty, including work to finance Middle East and African micro finance initiatives in partnership with Grameen Bank, recipient of the 2006 Nobel Peace Prize.

Carl Fisher assumed the role of Chief Operating Officer (“COO”) in July 2023. Mr. Fisher leads the operations, engineering, project delivery, quality assurance, information technology, regulatory affairs, services, and supply chain

functions. Mr. Fisher began his career in the nuclear field in the United States Naval Nuclear Propulsion Program, where he was involved in naval nuclear reactor operations and managed instrumentation and control startup, operations, maintenance, and commissioning activities. He continued his nuclear industry career with Framatome in various management roles in Instrumentation & Control (“I&C”), Electrical Systems, Hardware and Product Modernizations, Engineering, and Customer Accounts & Government Affairs over a 20-year period. Most recently, Mr. Fisher was Vice President of Instrumentation & Control in North America, where he was responsible for the execution and delivery of I&C products and services to North American nuclear customers. During this time, the I&C Business Unit experienced tremendous growth as a Tier 1 supplier of both Safety and Operational Instrumentation and Controls equipment and services to nuclear facilities in the United States, Canada, and Mexico. Prior to that, Fisher led various Framatome business lines, which included Plant Engineering, NSSS Engineering, Electrical Products, Mechanical Products, Commercial Grade Dedication, Qualification & Testing, Inventory Management, the Nuclear Parts Center, Strategic Alliance for FLEX Emergency Response and Cyber Security. Before joining Framatome, Mr. Fisher’s global experience began with Duke Energy International in Hong Kong, where he managed energy commercial development and large-scale construction efforts in Australia, China, Indonesia, Malaysia, New Zealand, Thailand, and the Philippines. Mr. Fisher holds a Bachelor of Science degree in mechanical engineering from North Carolina State University and a Master’s degree in business administration from Queens University. He is also a graduate of Harvard Business School and Stanford Business School Executive Management Training. He is actively engaged at the industry level and currently a member of the Institute of Nuclear Power Operation’s New Reactors Committee and also sits on several energy and education-related boards. Fisher is also a certified Project Management Professional and a licensed professional engineer in North Carolina and South Carolina.

Clayton Scott was named Chief Commercial Officer in August 2023 after joining NuScale as Executive Vice President, Business Development in 2022. In this role, Scott oversees global business development efforts, including all sales, marketing, business development and communications functions for the U.S. and abroad. Mr. Scott brings more than 40 years of diverse global experiences allowing him the ability to open markets and raise brand awareness. Prior to NuScale, from February 2018 through December 2021, Mr. Scott was a Senior Vice President – Global Sales, Deputy Director I&C Business Unit for Framatome, responsible for the global I&C sales, P&L within the group and a global footprint of more than 2,000 staff. Prior to Framatome, Mr. Scott served as the Chief Nuclear Officer for Schneider Electric from January 2014 to February 2018, responsible for the company’s global nuclear organization, with offices and facilities in North America, Europe/MENA and Asia. Mr. Scott previously served as the Chief Nuclear Officer of Invensys’ global nuclear business. He was appointed by the IAEA to chair a task force on harmonizing digital licensing issues globally and began his career as an instrumentation technologist for Ontario Hydro, where he was involved in the commissioning and start-up of four CANDU units at the Pickering Nuclear Power Station in Ontario, Canada. Mr. Scott is a frequent lecturer on topics within the energy sector and serves as a member of the University of Tennessee Advisory Board. Mr. Scott carries dual citizenship between the U.S. and Canada and has a Bachelor of Science degree in electrical engineering from the University of California, Irvine, and a Leading with Finance certificate from the Harvard Business School online.

Robert Gamble, Ph.D., has served as NuScale’s vice president of Engineering since 2016, and is responsible for design of the NuScale Structures, Systems and Components, Nuclear Safety Analysis, Fuels, Testing and Code Development, and Engineering Support Programs. Dr. Gamble led major portions of the international technology program and NRC pre-application review for GE’s Economic Simplified BWR Gen 3 light water reactor. Subsequently, he led design finalization and the DCA to the NRC. Before that, he worked on design and licensing activities on the GE Advance BWR and Simplified BWR light water reactors. Prior to working on light-water reactors, Dr. Gamble worked on the development of the sodium cooled advanced liquid metal reactor and super power reactor innovative small module fast reactors as well as the Lithium cooled SP-100 space reactor, developing key aspects of the thermal hydraulic systems and technology development infrastructure. As vice president of Mechanical Design and Analysis Group, Dr. Gamble and his staff were responsible for the design and analysis of reactor pressure vessels, internals and piping, structural and vibrations analysis, seismic and dynamic analysis, fracture mechanics, and emergent outage work including diagnoses, evaluation, repair and replacement of all vessel hardware of the global operating fleet of GE BWRs. Before NuScale LLC, Dr. Gamble served as the vice president of Engineering and general manager for North American Operations for Areva Solar from 2012 to 2016. Dr. Gamble received his PhD, M.S. and B.S. in mechanical engineering from UC Berkeley and is a graduate of the Harvard Business School Executive Management Training Program.

Karin Feldman was recently named senior vice president, Program Management Office after serving as vice president, Program Management Office since January 2019. She is responsible for leading NuScale’s project and program management and establishing and maintaining project management, project controls, cost estimating, and risk management standards. Before assuming this role, Ms. Feldman served as NuScale’s director of planning and integration (2016-2018) and the program management office risk manager (2012-2016). Before joining NuScale, from 2008 to 2012 Ms. Feldman

was the chief executive officer of Zero Point Frontiers Corp. a small business start-up that provided technical and programmatic support to United States government and commercial space programs. Ms. Feldman started her career at The Aerospace Corporation (2000-2008), a federally-funded research and development center, where provided risk planning and assessment support for United States Air Force and NASA programs. Ms. Feldman holds a B.S. in nuclear engineering and radiological sciences from the University of Michigan and a master’s degree in nuclear engineering from the Massachusetts Institute of Technology.

Carrie Fosaaen serves as our vice president of Regulatory Affairs, having assumed that role in June 2023, and is responsible for all licenses, certifications, relationships, and activities related to regulation of nuclear safety and security, environmental protection, and emergency management, both domestically and internationally. This includes domestic and international client licensing support and other industry activities that involve nuclear and other regulatory topics. Ms. Fosaaen joined NuScale in 2015 as a Licensing Engineer. Ms. Fosaaen has more than 14 years of experience in the nuclear industry and is an expert in advanced reactor licensing and has led NuScale’s development of several major licensing applications. Prior to joining NuScale, Ms. Fosaaen worked in regulatory affairs for Xcel Energy, where she supported the organization through regulatory recovery, including successful resolution of 95001 and 95002 inspections. She also obtained her senior reactor operator certification at the Monticello Nuclear Generating Plant. Ms. Fosaaen is a 2023 graduate of the Harvard Business School General Management Program and holds a Bachelor of Science in Nuclear Engineering, and a Master’s in Health Physics from Purdue University.

Jackie Engel was named interim vice president, Accounting, in January 2024 and has been with the Company since 2016. In her current position, Ms. Engel is responsible for leading the accounting and reporting team, ensuring that the financial statements are accurately stated, and that the company adheres to all federal government compliance and corporate tax requirements. Ms. Engel has over 30 years of accounting and financial compliance experience and worked in accounting roles for a variety of industries, including pre- press, logistics, precious metals reclamation, grant administration, and energy. Earlier in her career, Ms. Engel spent nearly 10 years with the Public Health Institute, gaining expertise in Financial Compliance for U.S. government-funded grants and contracts. Ms. Engel holds a Bachelor of Science degree in mathematics from Louisiana State University and a Master’s degree in accounting from University of New Haven.

Nuclear Safety Regulation

The commercial nuclear industry is heavily regulated in all countries, and regulatory approval is required for the design, construction and operation of every nuclear plant. Generally, nuclear safety regulators consider (1) design safety and robustness against internal hazards (e.g., component failures and fires) and external hazards (e.g., earthquakes and weather loads such as snow, rain and wind), and (2) environmental impacts of construction and operations (e.g., water use and preservation of historical sites and animal and plant species). Regulation must be addressed on a country-by-country basis, although regulators often collaborate when a design is deployed in multiple countries.

Our licensing strategy has two goals: (1) obtain approval in the shortest possible time by engaging the regulator early and developing high quality applications; and (2) maintain a common design of the NPM in as many markets as possible by leveraging the highly regarded NRC SDA during each regulatory approval process.

Nuclear Safety Regulatory Approval in the United States

We submitted a Design Certification Application (“DCA”) in December 2016 to the NRC, comprising 12,000 pages, with approximately 2,000,000 pages of additional documentation and 100 gigabytes of test data. Development of the DCA required approximately $500 million in testing and engineering. Approval by the NRC included over 250,000 review hours at a cost of approximately $70 million. In addition to paying the NRC review fees, we incurred approximately $130 million in costs responding to numerous NRC requests for additional information, analyses and audits. Despite the intensity of the review, the NRC approved the NuScale design in 42 months—the fastest approval ever completed by the agency. We received the SDA for our 50 MWe NPM and 12-module plant design in August 2020, and our SMR design is currently the only SMR with such an approval. The NRC subsequently certified the design as Appendix G to Title 10 of the Code of Federal Regulations Part 52. No other SMR or non-light water nuclear vendor has applied to the NRC for a nuclear power reactor SDA.

52. Based on the NRC’s published schedule for SDA Application review, we expect the NRC will complete its review and SDA approval will be received by mid-year 2025.

Customers that use our design will be able to incorporate an SDA into their license applications. The license application review can begin before the SDA application is approved. The NRC does not re-review the design in the SDA during the license application review; the review is limited to site specific design features (e.g., physical security systems, water intake structures), operational programs (e.g., maintenance, emergency preparedness) and environmental impacts. The ability to incorporate an SDA and provide only site-specific information to file a license application is an improved licensing process developed by the NRC and industry and has been used by all new reactor designs and license applications since the early 1990s. This process, known as Part 52, substantially reduced regulatory and financial risk for license applicants compared to the older process, known as Part 50. As the only SMR vendor using Part 52 to date, NuScale has a competitive advantage and that makes our SMR attractive to potential customers.

Nuclear Safety Regulatory Approval Internationally

Generally speaking, most countries limit license applications to the proposed owner and/or operator of nuclear power plants. Where appropriate in support of a customer or at the request of the regulator, we intend to engage early with regulators in each country of interest, consistent with our approach in the U.S.

The NRC has bilateral relationships with many other countries and participates in several international support organizations, including the International Atomic Energy Agency (“IAEA”), the Nuclear Energy Agency and the International Nuclear Regulators Association. We expect NRC approval will benefit our ability to obtain regulatory approvals internationally and will give foreign regulators confidence that the NuScale design is safe. We also expect to benefit from the NRC’s regulatory assistance program, through which the NRC collaborates with other countries’ regulators to understand the basis for the NRC approval of our design.

NuScale is also engaging directly with the IAEA to facilitate regulatory approval abroad. The IAEA, while not a regulator, is important because many countries’ regulatory frameworks were developed from IAEA standards, which are somewhat different from the NRC framework. NuScale completed the Technical Safety Review of Design Safety (TSR-D5) with the IAEA in December of 2024. The purpose of a TSR-DS is to review the design safety of a nuclear power plant against the IAEA safety standards. The TSR-DS evaluated the NuScale-based 6 plant design information along with three supplemental reports against the IAEA safety requirements. The purpose of the review was to identify strengths and potential weaknesses of the safety case to expedite licensing in countries that employ IAEA safety guidelines.

In addition, we have had significant interaction with safety regulators and energy ministries in many of the countries where there is significant customer interest. For example: we have worked through material parts of the Vendor Design Review process with the Canadian Nuclear Safety Commission; we have completed a technology assessment conducted by the Office of Nuclear Regulation in the U.K.; we completed a licensing gap analysis (comparing select local, IAEA and Western European Nuclear Regulators’ Association requirements against the NuScale design) with the State Nuclear Regulatory Inspectorate in Ukraine; and we have performed analysis of NuScale SMR-based plant safety, economy and maneuverability under a study funded by Japan’s Ministry of Economy, Trade and Industry.

Other Regulation

In addition to nuclear safety regulation, NuScale is subject to other nuclear regulatory controls such as export control, nuclear material safeguards and non-proliferation restrictions and liability insurance regimes (e.g., Price-Andersen Act, the 1960 Paris Convention, the 1963 Vienna Convention, and the 1997 Convention on Supplementary Compensation). NuScale plans to sell its plants only in jurisdictions where nuclear liability is exclusively channeled to the plant operator.

Customers purchasing NuScale SMR-based plants also must obtain required permits, licenses and insurance for the jurisdiction where the facility will be located. In the United States, a NuScale SMR-based plant developer must obtain an NRC construction permit and an NRC operating license issued pursuant to 10 CFR Part 50 or a combined license issued pursuant to 10 CFR Part 52. Other U.S. federal permits or licenses for a NuScale SMR-based plant may include a Section 404 Dredge & Fill Permit issued by the Army Corp. of Engineers; a Federal Aviation Administration § 77.15 Permit; a Certificate of Registration issued by the U.S. Department of Transportation; and a Spills Prevention Control and Countermeasure Plan mandated by the U.S. Environmental Protection Agency. State or local regulators may also require permits or licenses for a NuScale SMR-based plant, including a National Pollutant Discharge Elimination System (NPDES) Permit for Storm Water Discharges from Construction Activities and to Construct a Sanitary Wastewater,

Wastewater Treatment facility; Section 401 Water Quality Certification; Well Permits; Solid Waste Handling Permit; and appropriate building permits.

Export Controls

NuScale’s business is subject to, and complies with, stringent U.S. import and export control laws, including the Export Administration Regulations (“EAR”) from the Bureau of Industry and Security which is part of the U.S. Department of Commerce, and regulations issued by the DOE. The regulations exist to advance the national security and foreign policy interests of the United States and to further its nonproliferation policies. Nuclear technology, also known as technical data, is controlled by 10 CFR Part 810, under the regulations of the DOE. Nuclear hardware and codes specifically designed or modified for use in a nuclear reactor are controlled by the NRC under 10 CFR Part 110.

The U.S. government agencies responsible for administering the EAR and other export control regulations have a degree of discretion interpreting and enforcing these regulations. These agencies also have significant discretion in approving, denying or instituting specific conditions regarding authorizations to engage in controlled activities. Such decisions are influenced by the U.S. government’s commitments to multilateral export control regimes, particularly the Nuclear Suppliers Group, a group of nuclear supplier countries that seek to prevent nuclear proliferation by controlling the export of materials, equipment and technology that can be used to manufacture nuclear weapons.

Many different types of internal controls and measures are required to ensure compliance with such export control regulations. For example, 10 CFR Part 810, Appendix A provides a list of countries that are considered Generally Authorized, meaning they are considered to be non-sensitive. Countries not on this list are required to be specifically authorized prior to sharing any nuclear technology. Under Part 110, the NRC regulates the export or import of nuclear hardware, material and code, following similar protocols with respect to the same sensitive countries versus non sensitive countries regulatory structure embedded in 10 CFR Part 810.

Available Information

Our website address is www.nuscalepower.com. You may obtain free electronic copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports on the “Investor” portion of our website, under the heading “SEC Filings” filed under “Financials.” These reports are available on our website as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC. These reports, and any amendments to them, are also available at the Internet website of the SEC, http://www.sec.gov. We also maintain various documents related to our corporate governance including our Corporate Governance Guidelines, our Board Committee Charters and our Code of Business Ethics Program filed under “Governance.” The information found on the website is not part of, or incorporated by reference into, this or any other report we file with, or furnish to, the SEC.

Item 1A. Risk Factors

We have identified the following risks and uncertainties that may have a material adverse effect on our business, financial condition, results of operations or reputation. The risks described below are not the only risks we face. Additional risks not presently known to us or that we currently believe are not material may also significantly affect our business, financial condition, results of operations or reputation. Our business could be harmed by any of these risks. In assessing these risks, you should also refer to the financial statements and related notes contained in this report.

Risks Related to Our Structure and Governance

NuScale Corp is a holding company and its only material asset is its interest in NuScale LLC, and it is accordingly dependent upon distributions made by its subsidiaries to pay taxes, make payments under the Tax Receivable Agreement and pay dividends and fees associated with being a public company such as director retainers, NYSE and other regulatory filings.

NuScale Corp is a holding company with no material assets other than its ownership of NuScale LLC units. As a result, NuScale Corp has no independent means of generating revenue or cash flow. NuScale Corp’s ability to pay taxes, cause NuScale LLC to make payments under the Tax Receivable Agreement and pay dividends depends on the financial results and cash flows of NuScale LLC and the distributions it receives (directly or indirectly) from NuScale LLC. Deterioration in the financial condition, earnings or cash flow of NuScale LLC for any reason could limit or impair its ability to pay such distributions. Additionally, to the extent that NuScale Corp needs funds and NuScale LLC is restricted from making such distributions under applicable law or regulation or under the terms of any financing arrangements, or NuScale LLC is otherwise unable to provide such funds, it could materially adversely affect NuScale Corp’s liquidity and financial condition.

NuScale LLC is treated as a partnership for United States federal income tax purposes and, as such, generally will not be subject to any entity-level United States federal income tax. Instead, taxable income will be allocated to holders of NuScale LLC units. Accordingly, NuScale Corp will be required to pay income taxes on its allocable share of any net taxable income from NuScale LLC. Under the terms of the Sixth Amended and Restated Limited Liability Company Agreement of NuScale LLC (the “A&R NuScale LLC Agreement”), NuScale LLC is obligated to make tax distributions to holders of NuScale LLC units calculated at certain assumed tax rates. In addition to income taxes, NuScale Corp is also expected to incur expenses related to its operations, including payment obligations under the Tax Receivable Agreement, which could be significant, and some of which will be reimbursed by NuScale LLC (excluding payment obligations under the Tax Receivable Agreement). NuScale Corp intends to cause NuScale LLC to make ordinary distributions and tax distributions to holders of NuScale LLC units on a pro rata basis in amounts sufficient to cover all applicable taxes, relevant operating expenses, payments under the Tax Receivable Agreement and dividends, if any, declared by NuScale Corp. However, as discussed above, NuScale LLC’s ability to make such distributions may be subject to various limitations and restrictions, including, but not limited to, retention of amounts necessary to satisfy the obligations of NuScale LLC and restrictions on distributions that would violate any applicable restrictions contained in NuScale LLC’s debt agreements, if any, or any applicable law or that would have the effect of rendering NuScale LLC insolvent. To the extent that NuScale Corp is unable to make payments under the Tax Receivable Agreement for any reason, such payments will be deferred and will accrue interest until paid; provided, however, that nonpayment for a specified period may constitute a breach of a material obligation under the Tax Receivable Agreement and therefore accelerate payments under the Tax Receivable Agreement, which could be substantial.

Additionally, although NuScale LLC generally will not be subject to any entity-level United States federal income tax, it may be liable under recent United States federal tax legislation for adjustments to prior year tax returns, absent an election to the contrary. In the event NuScale LLC’s calculations of taxable income are incorrect, NuScale LLC and its members, including NuScale Corp, in later years may be subject to material liabilities pursuant to this legislation and its related guidance.

If NuScale LLC were treated as a corporation for United States federal income tax or state tax purposes, then the amount available for distribution by NuScale LLC could be substantially reduced and the value of NuScale Corp shares could be adversely affected.

An entity that would otherwise be classified as a partnership for United States federal income tax purposes (such as NuScale LLC) may nonetheless be treated as, and taxable as, a corporation if it is a “publicly traded partnership” unless an exception to such treatment applies. An entity that would otherwise be classified as a partnership for United States federal

income tax purposes will be treated as a “publicly traded partnership” if interests in such entity are traded on an established securities market or interests in such entity are readily tradable on a secondary market or the substantial equivalent thereof. If NuScale LLC were determined to be treated as a “publicly traded partnership” (and taxable as a corporation) for United States federal income tax purposes, it would be taxable on its income at the United States federal income tax rates applicable to corporations and distributions by NuScale LLC to its partners (including NuScale Corp) could be taxable as dividends to such partners to the extent of the earnings and profits of NuScale LLC. In addition, NuScale Corp would no longer have the benefit of increases in the tax basis of NuScale LLC’s assets as a result of exchanges of NuScale LLC Class B units. Pursuant to the A&R NuScale LLC Agreement, certain Legacy NuScale Equityholders may, from time to time, subject to the terms of the A&R NuScale LLC Agreement, exchange their interests in NuScale LLC and have such interests redeemed by NuScale LLC for cash or shares of Class A common stock. While such exchanges could be treated as trading in the interests of NuScale LLC for purposes of testing “publicly traded partnership” status, the A&R NuScale LLC Agreement contains restrictions on redemptions and exchanges of interests in NuScale LLC that are intended to prevent NuScale LLC entities from being treated as a “publicly traded partnership” for United States federal income tax purposes. Such restrictions are designed to comply with certain safe harbors provided for under applicable United States federal income tax law. NuScale Corp may also impose additional restrictions on exchanges that it determines to be necessary or advisable so that NuScale LLC is not treated as a “publicly traded partnership” for United States federal income tax purposes. Accordingly, while such position is not free from doubt, NuScale LLC is expected to be operated such that it is not treated as a “publicly traded partnership” taxable as a corporation for United States federal income tax purposes and we intend to take the position that NuScale LLC is so treated as a result of exchanges of its interests (i.e., LLC Class B common units exchanged for Class A common shares) pursuant to the A&R NuScale LLC Agreement. If NuScale LLC were treated as a “publicly traded partnership” taxable as a corporation for United States federal income tax purposes, it could have a material adverse impact on NuScale Corp’s liquidity and financial condition as a result of the additional corporate tax payable at the NuScale LLC level.

Pursuant to the Tax Receivable Agreement, NuScale Corp will be required to pay to certain Legacy NuScale Equityholders 85% of certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increases in tax basis and related tax benefits resulting from any exchange of NuScale LLC Class B units for shares of Class A common stock or cash in the future, and those payments may be substantial.

The Legacy NuScale Equityholders may in the future exchange their NuScale LLC Class B units for shares of Class A common stock (or, upon the election of NuScale Corp, cash in an amount equal to the net proceeds raised by selling such shares of Class A common stock in a contemporaneous underwritten offering), subject to certain restrictions. Such transactions are expected to result in increases in NuScale Corp’s share of the tax basis of the tangible and intangible assets of NuScale LLC. These increases in tax basis may result in increased tax depreciation and amortization deductions and therefore reduce the amount of income tax that NuScale Corp would otherwise be required to pay in the future had such sales and exchanges never occurred.

NuScale Corp is party to the Tax Receivable Agreement with NuScale LLC, each of the TRA Holders (as defined in the Tax Receivable Agreement) party thereto and Fluor, in its capacity as TRA Representative (as defined in the Tax Receivable Agreement). Pursuant to the Tax Receivable Agreement, NuScale Corp will be required to pay 85% of the net cash tax savings from certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increases in tax basis and other tax benefits resulting from any exchange by the TRA Holders of NuScale LLC Class B units for shares of Class A common stock or cash in the future. Any such payments to TRA Holders will reduce the cash provided by the tax savings generated from future exchanges that would otherwise have been available to NuScale Corp for other uses, including reinvestment or dividends to Class A stockholders. Cash tax savings from the remaining 15% of the tax benefits will be retained by NuScale Corp. NuScale Corp’s obligations under the Tax Receivable Agreement accelerate upon a change in control and certain other termination events, as defined therein. These payments are the obligation of NuScale Corp and not of NuScale LLC. The actual increase in NuScale Corp’s allocable share of NuScale LLC’s tax basis in its assets, as well as the amount and timing of any payments under the Tax Receivable Agreement, will vary depending upon a number of factors, including the timing of exchanges, the market price of the shares of Class A common stock at the time of the exchange, the extent to which such exchanges are taxable and the amount and timing of the recognition of NuScale Corp’s income. While many of the factors that will determine the amount of payments that NuScale Corp will make under the Tax Receivable Agreement are outside of its control, NuScale Corp expects that the payments it will make under the Tax Receivable Agreement will be substantial and could have a material adverse effect on NuScale Corp’s financial condition. Any payments made by NuScale Corp under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to NuScale Corp. To the extent that NuScale Corp is unable to make timely payments under the Tax Receivable Agreement for any reason, the unpaid amounts will be deferred and will accrue interest until paid; however, nonpayment for a specified period may constitute a material breach of a

material obligation under the Tax Receivable Agreement and therefore accelerate payments due under the Tax Receivable Agreement. Furthermore, NuScale Corp’s future obligation to make payments under the Tax Receivable Agreement could make it a less attractive target for an acquisition, particularly in the case of an acquirer that cannot use some or all of the tax benefits that may be deemed realized under the Tax Receivable Agreement.

In certain cases, payments under the Tax Receivable Agreement may exceed the actual tax benefits NuScale Corp realizes.

Payments under the Tax Receivable Agreement will be based on the tax reporting positions that NuScale Corp determines, and the U.S. Internal Revenue Service (“IRS”) or another taxing authority may challenge all or any part of the tax basis increases, as well as other tax positions that NuScale Corp takes, and a court may sustain such a challenge. In the event that any tax benefits initially claimed by NuScale Corp are disallowed, the Legacy NuScale Equityholders will not be required to reimburse NuScale Corp for any excess payments that may previously have been made under the Tax Receivable Agreement, for example, due to adjustments resulting from examinations by taxing authorities. Rather, excess payments made to such holders will be netted against any future cash payments otherwise required to be made by NuScale Corp under the Tax Receivable Agreement, if any, after the determination of such excess. However, a challenge to any tax benefits initially claimed by NuScale Corp may not arise for a number of years following the initial time of such payment or, even if challenged early, such excess cash payment may be greater than the amount of future cash payments that NuScale Corp might otherwise be required to make under the terms of the Tax Receivable Agreement and, as a result, there might not be future cash payments against which to net. As a result, in certain circumstances NuScale Corp could make payments under the Tax Receivable Agreement in excess of NuScale Corp’s actual income tax savings, which could materially impair NuScale Corp’s financial condition.

Moreover, the Tax Receivable Agreement provides that, in certain events, including a change of control, breach of a material obligation under the Tax Receivable Agreement, or NuScale Corp exercise of early termination rights, NuScale Corp obligations under the Tax Receivable Agreement will accelerate and NuScale Corp will be required to make a lump-sum cash payment to the Legacy NuScale Equityholders party to the Tax Receivable Agreement equal to the present value of all forecasted future payments that would have otherwise been made under the Tax Receivable Agreement, which lump-sum payment would be based on certain assumptions, including those relating to NuScale Corp future taxable income. The lump-sum payment could be substantial and could exceed the actual tax benefits that NuScale Corp realizes subsequent to such payment because such payment would be calculated assuming, among other things, that NuScale Corp would have certain tax benefits available to it and that NuScale Corp would be able to use the potential tax benefits in future years.

There may be a material negative effect on NuScale Corp’s liquidity if the payments required to be made by NuScale Corp under the Tax Receivable Agreement exceed the actual income or franchise tax savings that NuScale Corp realizes. Furthermore, NuScale Corp’s obligations to make payments under the Tax Receivable Agreement could also have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other changes of control.

Risks Related to NuScale’s Business and Industry

Commercialization Risk Factors

We have not yet commercialized or sold NPMs, and a number of factors could prevent, delay or hinder commercialization.

We have not yet entered into a binding contract with a customer to deliver NPMs, and there is no guarantee that we will be able to do so.

The planned initial deployment of our NPM is subject to NuScale reaching a binding agreement for its scope of supply with RoPower Nuclear S.A. (“RoPower”) and NuScale reaching a binding engineering, procurement, and construction (“EPC”) contract with Fluor. If NuScale does not enter into binding agreements with RoPower or Fluor, initial deployment of our NPM, power plants, and ongoing services could be significantly delayed, which could have a material adverse effect on our business and financial condition. Memoranda of understanding we have entered into with other potential customers are contingent and may not result in binding agreements for the purchase of our products or services. Discussions are under way with other potential NuScale customers, but NuScale has yet to secure an NPM order from them.

Competitors in China and Russia currently operate commercial SMRs and may have advantages in marketing their SMRs to potential customers.

Competitors in Russia and China, such as Rosatom and China National Nuclear Corporation, currently operate commercial SMRs in those countries. Although their SMR designs have not been approved by the NRC or in any jurisdiction outside of their native countries, those competitors may have a competitive advantage if they are able to obtain approval comparable to the NRC’s SDA, or if they can otherwise demonstrate to potential customers the value and benefits of their SMRs, particularly in jurisdictions that have less stringent regulatory requirements. In addition, these competitors may have access to greater government or other funding to develop and commercialize their SMRs than we do.

Any delays in the development and manufacture of NPMs and related technology may adversely impact our business and financial condition.

We have previously experienced, and may experience in the future, delays or other complications in the design, manufacture, production and delivery of NPMs and related technology that could prevent us from delivering NPMs in 2028 or beyond. If delays like this recur, if our remediation measures and process changes are not successful, if we fail to find a satisfactory manufacturer or if we experience issues with planned manufacturing activities or design and safety, we could experience issues or delays in sustaining or further increasing production and sales of NPMs.

If we encounter difficulties in scaling our production and delivery capabilities, if we fail to develop and successfully commercialize our NPMs and related technologies, if we fail to develop such technologies before our competitors or if such technologies fail to perform as expected, are inferior to those of our competitors or are perceived as less safe than those of our competitors, our business and financial condition could be materially and adversely impacted.

We have not yet delivered NPMs to customers, and any setbacks we may experience during our first commercial delivery and other demonstration and commercial missions could have a material adverse effect on our business, financial condition and results of operation, and could harm our reputation.

The success of our business will depend on our ability to successfully deliver NPMs to customers on-time and on-budget at guaranteed performance levels, which would tend to establish greater confidence in our subsequent customers. This means manufacturing all components to specification (satisfying quality inspection criteria) and delivering those components to the RoPower site on schedule and without delay or incident. There is no guarantee that our planned NPM deployments will be successful. There can be no assurance that we will not experience operational or process failures and other problems during our first commercial deployment or any planned deployment thereafter. Any failures or setbacks, particularly on our first commercial deployments, could harm our reputation and have a material adverse effect on our business and financial condition.

Any actual or perceived safety or reliability issues may result in significant reputational harm to our businesses, in addition to legal liability and other costs that may arise. Such issues could result in delaying or cancelling planned deployments of NPMs, increased regulation, or other adverse systemic consequences. Our inability to meet our safety standards or adverse publicity affecting our reputation as a result of accidents or mechanical failures could have a material adverse effect on our business and financial condition.

We have incurred significant losses since inception, we expect to incur losses in the future, and we may not be able to achieve or maintain profitability.

We have incurred significant losses since our inception well beyond the support we have received through cost-sharing awards from the DOE. We have not yet delivered NPMs to customers and none of our flagship plants, have been permitted or are under construction, and it is difficult for us to predict our future operating results. As a result, our losses may be larger than anticipated, and we may not achieve profitability when expected or at all; even if we do, we may not be able to maintain or increase profitability.

We expect our operating expenses to increase over the next several years as we commence deployment of NPMs, continue to refine and streamline our design and manufacturing processes for our NPMs, make technical improvements, hire additional employees and continue research and development efforts relating to new products and technologies. These efforts may be more costly than we expect and may not result in increased revenue, profits or growth in our business. Any failure to increase our revenue sufficiently to keep pace with our expenses could prevent us from achieving or maintaining profitability or positive cash flow. Furthermore, if our future growth and operating performance fail to meet investor or analyst expectations, or if we have future negative cash flow or losses resulting from our investment in acquiring customers or expanding our operations, this could have a material adverse effect on our business and financial condition.

The cost of electricity generated from nuclear sources or our NPMs may not be cost competitive with future electricity generation sources in some markets, which could materially and adversely affect our business.

Some electricity markets experience very low power prices due to a combination of subsidized renewables and low-cost fuel sources, and NuScale may not be able to compete in these markets unless the benefits of the carbon-free, reliable and/or resilient energy generation provided by our NPMs are sufficiently valued in the market. Given the relatively lower electricity prices in the United States when compared to many international markets, the risk may be greater with respect to business in the United States. Inflation may also increase the cost of our NPMs to a point where the levelized cost of electricity (“LCOE”) generated from a NuScale SMR-based plant is not competitive with the alternatives.

Loss of government incentives to use nuclear power may have an adverse impact on the market for SMRs.

In the United States, the Inflation Reduction Act of 2022 provides production tax credits for advanced reactors and small modular reactors. The United States may decide to reduce or eliminate these economic incentives or curtail legislative programs supportive of nuclear energy technologies for political, financial or other reasons. Any reductions in, or eliminations of, government subsidies, economic incentives or favorable legislative programs could reduce demand for our products and adversely affect our business prospects and results of operations.

The market for SMRs generating nuclear power is not yet established and may not achieve the growth potential we expect or may grow more slowly than expected.

The market for SMRs has not yet been established. Our estimates for the total addressable market are based on a number of internal and third-party estimates, including our potential contracted revenue, the number of potential customers who have expressed interest in our NPMs, assumed prices and production costs for our NPMs, our ability to leverage our current logistical and operational processes, and general market conditions. However, our assumptions and the data underlying our estimates may not be correct and the conditions supporting our assumptions or estimates may change at any time, thereby reducing the predictive accuracy of these underlying factors. As a result, our estimates of the annual total addressable market for our services, as well as the expected growth rate for the total addressable market for our services, may prove to be incorrect.

Our commercialization strategy relies heavily on our relationship 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 Fluor, the largest stockholder in NuScale, and our relationships with other of our investors and strategic partners, including ENTRA1, to commercialize our NPM and our other products and services. 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, and JGC Holdings Corporation, an affiliate of Japan NuScale Innovation, LLC, related to the 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. We have aligned with ENTRA1 as our commercialization / developer partner for NuScale SMRs.

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, or developing NuScale SMRs. This could substantially hinder our ability to expand our production capacity and installation of NuScale power plants and could affect our business and our prospects.

We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy.

If our operations grow as planned, we may need to expand our sales and marketing, research and development, supply and manufacturing functions, and there is no guarantee that we will be able to scale the business and the manufacture of NPMs as planned, as there is no guarantee that we will be able to find suitable locations or partners for the expanded manufacture and operation of our NPMs or to broaden our internal capabilities.

Any failure to effectively incorporate updates to the design, construction and operations of NuScale SMR-based plants to ensure cost competitiveness could reduce the marketability of the NuScale design and has the potential to impact deployment schedules.

Updating the design, construction, and operations of NuScale SMR-based plants will be necessary to their competitiveness and attractiveness in the market, particularly in the United States where the price of power is generally lower than in other countries. If we are not able to achieve and maintain cost-competitiveness in the United States or elsewhere, our business could be materially and adversely affected.

If manufacturing and construction issues are not identified prior to design finalization, long-lead procurement, and/or module fabrication, then those issues will be realized during production, fabrication or construction and may impact plant deployment cost and schedule.

Our NPM design will be actively managed through design reviews, prototyping, involvement of external partners and application of industry lessons, but we could still fail to identify latent manufacturing and construction issues early enough to avoid negative effects on production, fabrication, construction or ultimate performance of our NPMs or plants. Where these issues arise at such later stages of deployment, plant deployment could be subject to greater costs or be significantly delayed, which could materially and adversely affect our business.

We and our customers operate in a politically sensitive environment, and the public perception of nuclear energy can affect our customers and us.

The risks associated with radioactive materials and the public perception of those risks can affect our business. Opposition by third parties can delay or prevent the construction of new nuclear power plants and can limit the operation of nuclear reactors. Adverse public reaction to developments in the use of nuclear power could directly affect our customers and indirectly affect our business. In the past, adverse public reaction, increased regulatory scrutiny and litigation have contributed to extended construction periods for new nuclear reactors, sometimes delaying construction schedules by decades or more or even shutting down operations. In addition, anti-nuclear groups in Germany successfully lobbied for the adoption of the Nuclear Exit Law in 2002, under which all remaining nuclear power plants in Germany were shut down in April 2023. Adverse public reaction could also lead to increased regulation or limitations on the activities of our customers, more onerous operating requirements or other conditions that could have a material adverse impact on our customers and our business.

Accidents involving nuclear power facilities, including but not limited to events similar to the Three Mile Island, Chernobyl and Fukushima Daiichi nuclear accidents, or terrorist acts or other high-profile events involving radioactive materials, could materially and adversely affect our customers and the markets in which we operate and increase regulatory requirements and costs that could materially and adversely affect our business.

Our future prospects are dependent upon a certain level of public support for nuclear power. Nuclear power faces strong opposition from certain competitive energy sources, individuals and organizations. The accident that occurred at the Fukushima nuclear power plant in Japan in 2011 increased public opposition to nuclear power in some countries, resulting in a slowdown in, or, in some cases, a complete halt to new construction of nuclear power plants, an early shut down of existing power plants or a dampening of the favorable regulatory climate needed to introduce new nuclear technologies, all of which could negatively impact our business and prospects. As a result of the Fukushima accident, some countries that were considering launching new domestic nuclear power programs delayed or cancelled the preparatory activities they were planning to undertake as part of such programs. If accidents similar to the Fukushima disaster or other events, such as terrorist attacks involving nuclear facilities, occur, public opposition to nuclear power may increase, regulatory requirements and costs could become more onerous and customer demand for our NPMs could suffer, which could materially and adversely affect our business and operations.

Our supply base may not be able to scale to the production levels necessary to meet sales projections.

NuScale does not have manufacturing assets and relies on third party manufacturers to build our NPMs and associated equipment. Moreover, we are dependent on future supplier capability to meet production demands attendant to our forecasts. If our supply chain cannot meet the schedule demands of the market, our projected sales revenues could be materially impacted.

Lack of availability, trade restrictions, tariffs and costs of component raw materials may affect the manufacturing processes for plant equipment and increase our costs.

Recent global supply chain disruptions have negatively affected both the availability and cost of raw materials, component manufacturing and deliveries. Such disruptions may result in delays in equipment deliveries and cost escalations that could adversely affect our business.

We are highly dependent on our senior management team and other highly skilled personnel, and if we are not successful in attracting or retaining highly qualified personnel, we may not be able to successfully implement our business strategy.

Our success depends, in significant part, on the continued services of our senior management team and on our ability to attract, motivate, develop and retain a sufficient number of other highly skilled personnel, including engineers, manufacturing and quality assurance, finance, marketing and sales personnel. Our senior management team has extensive experience in the energy and manufacturing industries, and we believe that their depth of experience is instrumental to our continued success. The loss of any one or more members of our senior management team, for any reason, including resignation or retirement, could impair our ability to execute our business strategy and have a material adverse effect on our business and financial condition if we are unable to successfully attract and retain qualified and highly skilled replacement personnel.

We expect we will require additional future funding.

To date, we have not generated any material revenue, while we have substantial overhead expenses. We do not expect to generate meaningful revenue unless and until we are able to finalize development of and commercialize our SMR technology and related services, and we may not be able to do so on our anticipated timetable, if at all. Although we instituted the Plan in January 2024 to reduce our cost base and focus resources on key strategic areas, in the long term we expect our expenses and capital expenditures to increase in connection with our ongoing activities, including developing and advancing our SMR and other products and services, obtaining further NRC design certifications of and SDAs for our SMR and completing our manufacturing preparation and trials. We also incur additional costs associated with operating as a public company. Certain costs are not reasonably estimable at this time, and our projections anticipate certain customer-sourced income that is not guaranteed.

We may seek to raise capital through private or public equity or debt financings or through other sources of financing. Adequate additional funding may not be available to us on acceptable terms or at all. Our failure to raise capital as and when needed could have a negative impact on our financial condition and our ability to pursue our business strategies. If we raise additional funds by issuing equity securities, our stockholders will experience dilution. If we raise additional capital through debt financing, we may be subject to covenants that restrict our operations including limitations on our ability to incur liens or additional debt, pay dividends, repurchase our securities, make certain investments, and engage in certain merger, consolidation or asset sale transactions. Any debt financing or additional equity that we raise may contain terms that are not favorable to us or our stockholders and members. If the needed financing is not available, or if the terms of financing are less desirable than we expect, we may be required to delay, scale back or terminate some or all of our research and development programs.

If we are unable to continue as a going concern, we may be forced to liquidate our assets and the values we receive for our assets in liquidation or dissolution could be significantly lower than the values reflected in our financial statements.

As part of our arrangements with the DOE, we granted the DOE a worldwide, nonexclusive, paid-up license to our intellectual property and to manufacture our SMR technology, and the right to sublicense those rights if specified conditions arise, including if the DOE terminates the award due to material failure to comply with the terms and conditions of the award, or if we fail to meet our cost-sharing obligations or cease developing our SMR. As a result, if we are unable to continue as a going concern, the value of our intellectual property, including in liquidation, may be difficult to assess.

Our ability to protect our patents and other proprietary rights may be challenged and is not guaranteed, exposing us to the possible loss of competitive advantage.

We rely upon a combination of patents, trademarks, copyrights, trade secrets and commercial agreements, such as confidentiality agreements, assignment agreements and license agreements, to protect the intellectual property associated with our NPMs and related technologies. These measures prevent third parties from using, practicing, selling,

manufacturing or otherwise commercially exploiting our NPMs and related technologies, which would erode our competitive position in our market. Our success depends in large part on our ability to obtain and enforce patent protection for our NPMs, as well as our ability to operate without infringing on or violating the proprietary rights of others. We own and have licensed rights to patents and pending patent applications and will continue to file patent applications claiming new technologies directed to NPMs in the United States and in other jurisdictions based on factors such as commercial viability.

As with all industries, the patent position of power modules and nuclear energy companies generally is uncertain and is not a guaranteed right. During the patent procurement process, a patent office may require us or our licensors to narrow the scope of the claims of our or our licensors’ pending and future patent applications. This may limit the scope of patent protection and our or our licensors’ ability to claim patent infringement if the patent application is subsequently issued. In some cases, a patent application may not issue if we or our licensors are unable to overcome rejections from a patent office. If a patent application does not issue, we or our licensors may lose trade secrets that are disclosed and published in the patent application and third parties may be able to exploit such published information in our patent application. Additionally, even if we obtain a patent registration in one jurisdiction (e.g., the United States), we cannot guarantee that we will obtain a patent registration for the same or related patent application in another jurisdiction (e.g., China) as patent laws differ from jurisdiction to jurisdiction. Additionally, maintaining and enforcing patent rights can involve complex legal and factual questions and may be subject to litigation in some cases. For example, third parties may challenge the validity of our or our licensors’ patents based on prior art at a tribunal such as the Patent Trial and Appeal Board at the United States Patent and Trademark Office and/or in a federal court. Because we cannot assure that all of the potentially relevant prior art relating to our patents and patent applications has been found, third parties may prevail in invalidating a patent or preventing a patent application from being issued as a patent. If we or our licensors are able to maintain valid patents or prevail in patent challenges instituted by third parties, we or our licensors may still bear the risk of third parties “designing around” our technologies to avoid an intellectual property infringement claim.

We enjoy only limited geographical protection with respect to certain patents and may not be able to protect our intellectual property rights throughout the world.

We do not have worldwide patent rights for our NPMs and related technologies because there is no such thing as worldwide or “international patent rights.” Accordingly, we may not be able to protect our intellectual property rights in certain jurisdictions and their legal systems. Filing, prosecuting and defending patents on our NPMs worldwide can pose several challenges. First, procuring patent rights in multiple jurisdictions would be cost prohibitive because individual patent offices in different jurisdictions will have to examine each patent application separately. Therefore, costs such as examination fees, translation fees and attorney fees are considered. Once a patent is registered, we or our licensors will also have the continued obligation of paying maintenance fees periodically to avoid patents from becoming abandoned or lapsed. Second, the breadth of claims in patents may vary from jurisdiction to jurisdiction. For instance, certain patent offices may require narrower claims, resulting in patent rights that are less extensive. Further, as noted above, we may not be able to obtain patents in some jurisdictions even if we obtain patents in other jurisdictions. Accordingly, our competitors may operate in countries where we do not have patent protection and can freely use our technologies and discoveries in such countries to the extent such technologies and discoveries are publicly known or disclosed in countries where we do have patent protection or pending patent applications.

In addition, many countries have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. Many countries also limit the enforceability of patents against government agencies or government contractors. In these countries, the patent owner may have limited remedies, which could materially diminish the value of such patent. If we or any of our licensors are forced to grant a license to third parties with respect to any patents relevant to our business, our competitive position may be impaired, and our business and financial condition may be adversely affected.

We may not identify relevant third-party patents or may incorrectly interpret the relevance, scope or expiration of a third-party patent, which might adversely affect our ability to develop and market NPMs.

We cannot guarantee that any of our patent searches or analyses, including the identification of relevant patents, the scope of patent claims or the expiration of relevant patents, are complete or thorough because there may be hundreds of thousands of relevant patents worldwide. We also cannot be certain that we have identified every third-party patent and pending application in the United States and abroad that is relevant to or necessary for the commercialization of NPMs in any jurisdiction. The scope of a patent claim is generally determined by an interpretation of the law, the written disclosure in a patent, and the patent’s prosecution history. Our interpretation of the relevance or the scope of a patent or a pending

application may be incorrect or not accepted by a court of competent jurisdiction. Our determination of the expiration date of any patent in the United States or abroad that we consider relevant may be incorrect or inaccurate. Our failure to identify and correctly interpret relevant patents may negatively impact our ability to develop and market NPMs.

In addition, there are several circumstances under which a patent application may not be published and accessible to us or our licensors. For example, patent applications in the United States and many foreign jurisdictions are typically not published until 18 months after filing, but some patent applications in the United States may be maintained in secrecy until the patents are issued. Publications in the scientific literature also often lag behind actual discoveries. Therefore, we cannot be certain that others have not filed patent applications for technology covered by our issued patents or our pending applications, or that we were the first to invent the technology. Our competitors may have filed, and may in the future file, patent applications covering NPMs or technology similar to ours without us knowing. Any such patent application may have priority over our patent applications or patents, which could require us to procure rights to issued patents covering such technologies in order to avoid infringement claims.

We may be subject to claims of ownership and other rights to our patents and other intellectual property by third parties.

Our confidentiality and intellectual property assignment agreements with our employees, consultants and contractors generally provide those inventions conceived by the party while rendering services to us will be our exclusive intellectual property. While we require our employees, consultants, and contractors to assign such intellectual property to us, if the intellectual property is not automatically assigned (e.g., as work made for hire), those agreements may not be honored and obligations to assign intellectual property may be challenged or breached. Moreover, there may be some circumstances where we are unable to negotiate for such ownership rights and/or others misappropriate those rights in the process.

We may be subject to claims that former employees, collaborators or other third parties have an interest in our patents or other intellectual property as an owner, a joint owner, a licensee, an inventor or a co-inventor. In the latter two cases, the failure to name the proper inventors on a patent application can result in the patents issuing thereon being unenforceable. Inventorship disputes may arise from conflicting views regarding the contributions of different individuals named as inventors, the effects of foreign laws where foreign nationals are involved in the development of the subject matter of the patent, conflicting obligations of third parties involved in developing our power modules or as a result of questions regarding co-ownership of potential joint inventions. Litigation may be necessary to resolve these and other claims challenging inventorship and/or ownership. Alternatively, or additionally, we may enter into agreements to clarify the scope of our rights in such intellectual property. If we fail in defending any such claims, in addition to paying monetary damages, we may lose exclusive ownership of, or right to use or license valuable intellectual property. Such an outcome could have a material adverse effect on our business. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management and other employees.

Regulatory Risk Factors

Our SDA applications may not be approved, and any rework necessary to address NRC concerns could significantly delay the commercialization of our products.

At the end of 2022, we submitted SDA applications to approve a NuScale-based 6 plant design and to raise the licensed output of our NPM from 50 MWe to 77 MWe. The NRC accepted the application in July of 2023 and has begun the technical review. There is no assurance that the SDA will be approved, or approved in a timely manner (including as a result of recent personnel reductions in federal government and any future reductions), and any revisions necessary to address concerns the NRC may have could significantly delay the commercialization of our products, which could have a material adverse effect on our business and financial condition.

Our design is only approved in the United States, and we must obtain approvals on a country-by-country basis before we can complete the sale of our products abroad, which approvals may be delayed or denied or which may require modification to our design.

Our SMR design has not received regulatory approval in any country except the United States. Each country has its own safety approval that we must obtain before we can sell or install our NPMs abroad. Foreign approval processes may differ materially from the NRC process, and approvals may be denied or delayed in foreign countries, or some countries may require that we alter our design before obtaining approval. Denial or delay in approvals abroad could materially and adversely affect our business.

Our customers must obtain additional regulatory approvals before they construct power plants using our NPMs, and approvals may be denied or delayed.

The lead time to build a nuclear power facility is long and requires site licensing and approvals from applicable regulatory agencies before a plant can be constructed. The regulatory framework to obtain approvals is complex and varies from country to country. Any delays experienced by our customers in siting a power plant using our products and services could materially and adversely affect our business.

Our customers could incur substantial costs as a result of violations of, or liabilities under, environmental laws.

The operations and properties of our customers are subject to a variety of federal, state, local and foreign environmental, health and safety laws and regulations governing, among other things, air emissions, wastewater discharges, management and disposal of hazardous, non-hazardous and radioactive materials and waste and remediation of releases of hazardous materials. Although NuScale’s business is to design and sell technology rather than to construct and own or operate power plants, we must design our technology so it complies with such laws and regulations. Compliance with environmental requirements could require our customers to incur significant expenditures or result in significant restrictions on their operations, and the failure to comply with such laws and regulations, including failing to obtain any necessary permits, could result in substantial fines or enforcement actions, including regulatory or judicial orders enjoining or curtailing operations or requiring our customers to conduct or fund remedial or corrective measures, install pollution control equipment or perform other actions. More vigorous enforcement by regulatory agencies, the future enactment of more stringent laws, regulations or permit requirements, including relating to climate change, or other unanticipated events may arise in the future and adversely impact the market for our products, which could materially and adversely affect our business, financial condition and results of operations.

We are subject to stringent United States export and import control laws and regulations. Unfavorable changes in these laws and regulations or United States government licensing policies, our failure to secure timely United States government authorizations under these laws and regulations, or our failure to comply with these laws and regulations could have a material adverse effect on our business, financial condition and results of operations.

The inability to secure and maintain required export licenses or authorizations could negatively impact our ability to compete successfully or market our SMR technology for commercial applications outside the United States. For example, if we were unable to obtain or maintain our licenses to export certain nuclear hardware, we would be effectively prohibited from exporting our SMR technology in non-United States locations, which would limit the number of customers to those in the United States. In addition, if we were unable to obtain authorization to export our technology, hardware, code or technical assistance, we would experience a limited market for our technology, which would provide a competitive edge to international suppliers of SMRs. In both cases, these restrictions could lead to an adverse impact on our ability to sell our commercial technology. Similarly, if we were unable to secure export authorization, we may need to implement design changes to our NPM to address issues with our domestic supplier chain, which may increase costs or result in delays in delivery of new plants and subsequent additional NPMs when ordered.

Failure to comply with export control laws and regulations could expose us to civil or criminal penalties, fines, investigations, more onerous compliance requirements, loss of export privileges, debarment from government contracts or limitations on our ability to enter into contracts with the United States government. In addition, any changes in export control regulations or United States government licensing policy, such as that necessary to implement United States government commitments to multilateral control regimes, may restrict our operations.

Our business is subject to a wide variety of extensive and evolving government laws and regulations. Changes in and/or failure to comply with such laws and regulations could have a material adverse effect on our business.

Regulatory risk factors associated with our business also include:

•our ability to obtain additional applicable approvals, licenses or certifications from regulatory agencies, if required, and to maintain current approvals, licenses or certifications;

•regulatory delays, delays imposed as a result of regulatory inspections, and changing regulatory requirements, may cause a delay in our ability to fulfill our existing or future orders, or cause planned plants to not be completed at all, many of which may be out of our control, including natural disasters, changes in governmental regulations or in the status of our regulatory approvals or applications or other events that force us to cancel or reschedule plant construction, which could have an adverse impact on our business and financial condition; and

•challenges as a result of regulatory processes or in NuScale’s ability to secure the necessary permissions to establish these plant sites could delay our ability to achieve our target build rate and could adversely affect our business.

General Risk Factors

Any future widespread public health crises, similar to COVID-19, could negatively affect various aspects of our business, make it more difficult for us to meet our obligations to our customers, and result in reduced demand for our products and services.

In an effort to halt the outbreak of COVID-19, a number of countries, including the United States, previously placed significant restrictions on travel, many businesses announced extended closures, and many businesses and governmental agencies allowed employees to work remotely, which in some cases may reduce the effectiveness of those employees. If there is a resurgence in COVID-19 cases or a similar health crisis, travel restrictions and business closures may in the future adversely affect our operations locally and worldwide, including our ability to obtain regulatory approvals and to manufacture, market, sell or distribute our products, which could materially and adversely affect our business.

We are subject to cybersecurity risks.

Like other businesses, we face cybersecurity risks. Threat sources continue to seek to exploit potential vulnerabilities. These cyberattacks are becoming increasingly sophisticated and dynamic. We expect these cyberattacks to continue to occur in the future and we are constantly managing efforts to infiltrate and compromise our information technology systems and data. While we develop and maintain systems seeking to prevent security breaches from occurring, the development and maintenance of these systems is costly and requires ongoing monitoring and updating as techniques used in such attacks become more sophisticated and change frequently. We, and the third parties on which we rely, may be unable to anticipate these techniques or implement adequate preventive measures.

A cybersecurity breach, including physical or electronic break-ins, computer viruses, malware, attacks by hackers, ransomware attacks, phishing attacks, supply chain attacks, breaches due to employee error or misconduct and other similar breaches, of our physical assets or information systems, or those of our vendors, business partners and interconnected entities or regulators could impact our operations or result in the theft or inappropriate release of certain types of information, including critical infrastructure information, sensitive customer, vendor and employee data, trading or other confidential data. The risk of these system-related events and cybersecurity breaches occurring continues to intensify, and while we have not directly experienced a material breach or disruption to our network or information systems or our operations to-date, such cyberattacks continue to increase in sophistication and frequency, and we may be unable to prevent all such cyberattacks in the future.

If a significant breach were to occur, our reputation could be negatively affected, customer confidence in us or others in the industry could be diminished, or we could be subject to legal claims, loss of revenues, increased costs or operations shutdown. In addition, our network and information systems are vulnerable to damage or interruption from power outages, telecommunications failures, accidents, natural disasters (including extreme weather arising from short-term or any long-term changes in weather patterns), terrorist attacks and similar events. Our system redundancy may be ineffective or inadequate, and our disaster recovery planning may not be sufficient for all eventualities. Moreover, the amount and scope of insurance maintained against losses resulting from any such events or security breaches may not be sufficient to cover losses or otherwise adequately compensate for any disruptions to business that could result. Furthermore, in the future, such insurance may not be available on commercially reasonable terms, or at all.

In addition, new or updated security regulations or unforeseen threat sources could require changes in current measures taken by us or our business operations and could adversely affect our consolidated financial statements.

Changes in tax laws or regulations may increase tax uncertainty and adversely affect results of our operations and our effective tax rate.

We will be subject to taxes in the United States and certain foreign jurisdictions. Due to economic and political conditions, tax rates in and duties imposed by various jurisdictions, including the United States, may be subject to change. Our future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities and changes in tax laws or their interpretation. In addition, we may be subject to income tax audits by various tax jurisdictions. An adverse resolution by one or more taxing authorities could have a material impact on our finances. Further, we may be unable to utilize any net operating losses in the event a change in control is determined to have occurred.

We may become involved in litigation that may materially adversely affect us.

We are currently named in a number of purported class action lawsuits (see “Legal Proceedings”), and from time to time, we may become involved in various legal proceedings relating to other matters, including intellectual property, commercial, product liability, employment, class action, whistleblower and other litigation and claims, and governmental and other regulatory investigations and proceedings. Such matters can be time-consuming, divert management’s attention and resources from the operation of our business and cause us to incur significant expenses or liability or require us to change our business practices.

A shareholder class action lawsuit claims that NuScale 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. While two causes of action were filed, these lawsuits have been consolidated before the same judge in the federal district court in Oregon.

While we disagree with all of the plaintiffs’ claims included in the class action lawsuit, the risk of loss if plaintiffs prevail would be material to the Company. Because of the potential risks, expenses and uncertainties of litigation, we may, from time to time, settle disputes, even where we believe that we have meritorious claims or defenses. Because litigation is inherently unpredictable, we cannot assure you that the results of any of these actions will not have a material adverse effect on our business.

Risks Related to Ownership of Our Shares of Class A Common Stock

Our Organizational Documents designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for substantially all disputes between NuScale Corp and its stockholders.

Our Certificate of Incorporation and Bylaws (“Organizational Documents”) provide that the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, another state or federal court located within the State of Delaware, shall be the exclusive forum for certain actions and claims. This choice of forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with NuScale or any of its directors, officers or other employees, which may discourage lawsuits with respect to such claims. However, stockholders will not be deemed to have waived NuScale Corp’s compliance with the federal securities laws and the rules and regulations thereunder and this provision would not apply to suits brought to enforce a duty or liability created by the Exchange Act, which provides for the exclusive jurisdiction of the federal courts with respect to all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder, or the Securities Act. Further, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. Accordingly, both state and federal courts have jurisdiction to entertain such claims. To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, the Organizational Documents provide that the federal district courts of the United States of America will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act. Accordingly, there is uncertainty as to whether a court would enforce such provision with respect to suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. If a court were to find the choice of forum provision contained in the Organizational Documents to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, results of operations and financial condition.

The price of shares of Class A common stock may be volatile.

The price of shares of Class A common stock may fluctuate due to a variety of factors, including:

•changes in the industries in which we and our customers operate;

•variations in our operating performance and the performance of our competitors in general;

•material and adverse impacts of pandemics such as COVID-19, on the markets and the broader global economy;

•actual or anticipated fluctuations in our quarterly or annual operating results;

•the public’s reaction to our press releases, other public announcements and filings with the SEC;

•our failure or the failure of our competitors to meet analysts’ projections or guidance that we or our competitors may give to the market;

•additions and departures of key personnel;

•changes in laws and regulations affecting our business or industry;

•commencement of, or involvement in, litigation involving us;

•changes in our capital structure, such as future issuances of securities or the incurrence of additional debt;

•publication of research reports by securities analysts about us, our competitors or our industry;

•sales of shares of Class A common stock by our stockholders, including those who purchased shares of Class A common stock in private placements in connection with the Merger, or sales by us under our “at the market” offering arrangement described below; and

•general economic and political conditions such as recessions, interest rates, fuel prices, foreign currency fluctuations, international tariffs, social, political and economic risks and acts of war or terrorism.

These market and industry factors may materially reduce the market price of shares of Class A common stock regardless of our operating performance.

A significant portion of our total outstanding shares may be sold into the market. In addition, we and holders of equity awards, as well as holders of Class B units of NuScale LLC who receive shares of Class A common stock on exchange of those units (together with the cancellation of an equal number of shares of NuScale Corp Class B common stock), may also sell additional shares into the market. This could cause the market price of shares of Class A common stock to drop significantly, even if our business is doing well, and, if we are issuing new shares, result in dilution to stockholders.

Sales of a substantial number of shares of Class A common stock in the public market could occur at any time. These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of shares of Class A common stock. Fluor, our largest stockholder, has publicly stated its intention to sell down its position. On August 9, 2023, NuScale entered into a Sales Agreement with Cowen and Company, LLC, B. Riley Securities, Inc. and Canaccord Genuity LLC as sales agents under which the Company was able to offer and sell shares of our Class A common stock having an aggregate sales price of up to $150,000,000 (the “Prior ATM Program”). During the year ended December 31, 2024, the Company issued and sold 18,262,622 shares of Class A common stock for the gross and net proceeds of $139.0 million and $135.5 million, respectively, fully utilizing the Prior ATM Program.

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 $200,000,000 (“Current ATM Program”). During the year ended December 31, 2024, the Company issued and sold 3,264,524 shares of Class A common stock for the gross and net proceeds of $71.2 million and $69.2 million, respectively. As of December 31, 2024, we have 21,735,476 shares of Class A common stock, at an aggregate sales price up to $128.8 million, eligible for sale under the Current ATM Program.

Subject to certain limitations in the Sales Agreement and compliance with applicable law, we have the discretion to deliver a placement notice to the sales agents at any time throughout the term of the Sales Agreement. The number of shares that are sold by a sales agent after we deliver a placement notice will fluctuate based on the market price of the Class A common stock during the sales period and limits we set. Because the price per share of each share sold will fluctuate based on the market price of our Class A common stock during the sales period, it is not possible at this time to predict the number of shares that will be ultimately issued. Sales under the ATM Program, or any future similar programs or other issuance by us of shares, will result in dilution of existing stockholders.

As of December 31, 2024, there were (i) 122,842,474 shares of Class A common stock outstanding, (ii) 154,254,663 shares of Class A common stock issuable upon the exchange of NuScale LLC Class B units (together with cancellation of an equal number of shares of NuScale Corp Class B common stock) pursuant to the procedures set forth in the A&R NuScale LLC Agreement, and (iii) 11,372,021 shares of Class A common stock issuable upon the exercise of outstanding stock options and Restricted Stock Units (“RSUs”).

We have registered on a Post-Effective Amendment No. 2 to Form S-1, on Form S-3 (Commission File No. 333-264910), the potential resale of 202,912,854 shares of Class A common stock that otherwise could be subject to resale restrictions. We also have registered on a Form S-8 an aggregate of 32,503,809 shares of Class A common stock issuable upon exercise of options and other equity awards issued under the NuScale LLC Fourth Amended and Restated 2011 Equity Incentive Plan and the NuScale Corp 2022 Long-Term Incentive Plan. The market price of shares of Class A common stock could decline if the holders of shares sell them or are perceived by the market as intending to sell them.

As part of a shelf registration on a Form S-3 (Commission File No. 333-272342), NuScale may offer Class A common stock, debt securities, warrants, and/or units consisting of some or all of the securities in any combination, the aggregate offering price of securities of which must not exceed $500,000,000. The Company has used this registration statement for sales under both the Prior ATM Program and Current ATM Program. The market price of shares of Class A common stock could decline if the holders of shares sell them or are perceived by the market as intending to sell them.

NuScale Options will become exercisable for shares of Class A common stock, which, if exercised, would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.

Outstanding options exercisable in exchange for an aggregate of 6,365,141 shares of Class A common stock (“NuScale Options”) are or will become exercisable in accordance with the terms of the Fourth Amended and Restated 2011 Equity Incentive Plan of NuScale LLC. To the extent such options are exercised, additional shares of Class A common stock will be issued, which will result in dilution to the holders of Class A common stock and increase the number of shares eligible for resale in the public market. Sales of substantial numbers of such shares in the public market could adversely affect the prevailing market prices of Class A common stock.

Investors’ ability to make transactions in our securities could be limited and if we cannot maintain our listing on the NYSE, we may be subject to additional trading restrictions.

An active trading market for our securities may not be sustained. In addition, we may be unable to maintain the listing of our securities on the NYSE in the future.

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” If our securities were not listed on the NYSE or another national securities exchange, such securities would not qualify as covered securities, and we would be subject to regulation in each state in which we offer our securities because states are not preempted from regulating the sale of securities that are not covered securities.

Reports published by analysts, including projections in those reports that differ from our actual results, could adversely affect the price and trading volume of our Class A common stock.

Securities research analysts may establish and publish their own periodic projections for NuScale Corp. These projections may vary widely and may not accurately predict the results we actually achieve. Our share price may decline if our actual results do not match the projections of these securities research analysts. Similarly, if one or more of the analysts who write reports on us downgrades our stock or publishes inaccurate or unfavorable research about our business, our share price could decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, our share price or trading volume could decline. Moreover, if no analysts commence coverage of us, the market price and volume for our common shares could be adversely affected.

We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased and will continue to increase our costs and the risk of non-compliance.

We are subject to rules and regulations by various governing bodies, including the SEC, which are charged with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures under applicable law. Our efforts to comply with new and changing laws and regulations have resulted in, and likely will continue to result in, increased general and administrative expenses and a diversion of management time and attention.

Moreover, because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations and any subsequent changes, we may be subject to penalty and our business may be harmed.

We have in the past and may in the future be subject to short selling strategies that could result in a reduction in the market price of our Class A common stock.

Short selling is the practice of selling securities that the seller has borrowed from a third party with the intention of buying identical securities at a later date, at a lower price, to return to the lender and the short seller profits. Accordingly, it is in the short seller’s best interests for the price of the stock to decline. At any time, short sellers may publish, or arrange for the dissemination of, opinions, or characterizations that are intended to create negative market momentum, including through the use of social media. In light of the recent proliferation of generative artificial intelligence tools and large language models, there is also a risk that the dissemination of such opinions, characterizations or disinformation may negatively impact the conclusions that these tools and models draw about our business and prospects.

Short selling reports may potentially lead to increased volatility in an issuer’s stock price and to regulatory and governmental inquiries. In July 2024, October and November 2023, short sellers published reports that contained certain

negative and false allegations regarding our business and financial prospects. Regardless of merit, allegations and false statements by short sellers may spread quickly and diminish confidence in our business, financial prospects, or reputation. As a result, maintaining or reinforcing our reputation may require us to devote significant resources to refute incorrect or misleading allegations, to pursue or defend related legal actions, or to engage in other activities that could be costly, time consuming or unsuccessful. Additionally, any potential inquiry or formal investigation from a governmental organization or other regulatory body, including an inquiry from the SEC, arising from the presence of such allegations could result in a material diversion of our management’s time and may have a material adverse effect on our business and results of operations.

We may be subject to securities litigation, which is expensive and could divert management attention.

The market price of our Class A common stock may be volatile and, in the past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We are now, and may be in the future, the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and divert management’s attention from other business concerns, which could seriously harm our business.

Risks Related to Being a Public Company

We have identified a material weakness in our internal control over financial reporting. Failure to remediate the material weakness or any other material weaknesses that we identify in the future could result in material misstatements in our financial statements.

Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, as amended, our management is required to report on the effectiveness of our internal control over financial reporting. The rules governing the standards that must be met for management to assess our internal control over financial reporting are complex and require significant documentation, testing and possible remediation. Annually, we perform activities that include reviewing, documenting and testing our internal control over financial reporting. In addition, if we fail to maintain the adequacy of our internal control over financial reporting, we will not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002. If we fail to achieve and maintain an effective internal control environment, we could suffer misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could result in significant expenses to remediate any internal control deficiencies and lead to a decline in our stock price.

The Company has evaluated the effectiveness of the Company’s disclosure controls and procedures and internal control over financial reporting and identified a material weakness in the Company’s internal control over financial reporting. 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 a company’s annual or interim financial statements will not be prevented or detected on a timely basis. For further discussion of the material weakness, see Item 9A, Controls and Procedures.

We cannot provide assurance that we have identified all, or that we will not in the future have additional, material weaknesses in our internal control over financial reporting. As a result, we may be required to implement further remedial measures and to design enhanced processes and controls to address deficiencies. If we do not effectively remediate the material weakness identified by management and maintain adequate internal controls over financial reporting in the future, we may not be able to prepare reliable financial reports and comply with our reporting obligations under the Exchange Act on a timely basis. Any such delays in the preparation of financial reports and the filing of our periodic reports may result in a loss of public confidence in the reliability of our financial statements, which, in turn, could materially adversely affect our business, the market value of our common stock and our access to capital markets.

Item 1B. Unresolved Staff Comments

None

Item 1C. Cybersecurity

The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Compliance Officer and Vice President, Information Technology (“IT”), regularly brief the Board of Directors on our cybersecurity and

information security posture and the Board of Directors is apprised of any cybersecurity incidents deemed to have a moderate or higher business impact. The Audit Committee of the Board of Directors is briefed by senior leadership, as appropriate, on the cybersecurity of DOE and NRC programs and the security of our business supply chain. Other than oversight of business cybersecurity, the full Board retains oversight of cybersecurity because of its importance to NuScale and the heightened risk in the nuclear power sector. In the event of an incident, we intend to follow our incident response playbook, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g. legal), as well as senior leadership and the Board, as appropriate.

Our corporate information security organization, led by our Vice President, IT, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response. The current Vice President, IT has extensive information technology and program management experience, has over a decade of experience leading cybersecurity oversight, and others on our IT security team have cybersecurity experience or certifications, such as the Certified Information Systems Security Professional certification. The corporate information security organization manages and continually enhances a robust enterprise security structure with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while simultaneously increasing our system resilience in an effort to minimize the business impact should an incident occur.

The corporate information security organization has implemented a governance structure and processes to assess, identify, manage and report cybersecurity risks. For the current reporting period, there have been no incidents that have materially affected or are reasonably likely to materially affect NuScale, including its business strategy, results of operations or financial condition. As a nuclear contractor, we must comply with extensive regulations, including requirements imposed by the DOE and NRC, related to adequately protecting safeguards information and reporting cybersecurity incidents to the DOE and NRC when required. We have implemented cybersecurity policies and frameworks based on industry and governmental standards to align closely with DOE and NRC requirements, instructions and guidance. In addition to following DOE and NRC guidance and implementing pre-existing third party frameworks, we have developed our own practices, which we believe enhance our ability to identify and manage cybersecurity risks.

Third parties also play a role in our cybersecurity. We engage third-party services to conduct around the clock monitoring and prevention of suspected malicious activity on company-owned systems, filter all email and web browser activity, provide proactive threat intelligence services, and perform regular evaluations of our security controls, whether through external and internal network penetration testing, physical security assessments, independent audits or consulting. These evaluations include testing both the design and operational effectiveness of security controls. We also share and receive threat intelligence with our nuclear design and construction partners, government agencies, information sharing and analysis centers and cybersecurity associations.

Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management (“ERM”) process. Cybersecurity related risks are included in the risk universe that the ERM function evaluates to assess top risks to the enterprise on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. The ERM process’s annual risk assessment is presented by the Senior Director, Treasury, SOX, ERM and ESG to the Board of Directors.

We rely heavily on our supply chain to deliver our products and services to our customers, and a cybersecurity incident at a supplier, subcontractor or joint venture partner could materially adversely impact us. We assess third party cybersecurity controls through a cybersecurity questionnaire and include security and privacy addendums to our contracts where applicable. We also contractually flow cybersecurity regulatory requirements to our subcontractors as required by government agency-specific requirements. These contractual flow downs include the requirement that our subcontractors implement certain security controls. We also require that our subcontractors report cybersecurity incidents to us so that we can assess the impact of the incident on us. For select suppliers, we engage third-party cybersecurity monitoring and alerting services, and seek to work directly with those suppliers to address potential deficiencies identified. We also make available cybersecurity education and awareness materials and briefings to our suppliers, as necessary.

Notwithstanding the extensive approach we take to cybersecurity, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. While NuScale Power maintains cybersecurity insurance, the costs related to cybersecurity threats or disruptions may not be fully insured. See Item 1A. “Risk Factors” for a discussion of cybersecurity risks.

Item 2. Properties

Our executive offices and our engineering and design center is located in 1100 Circle Blvd, Suite 200 and 350, Corvallis, OR, 97330. This location houses 43 full-time and 106 hybrid employees, with capacity for 340, in approximately 55,000 square feet of office, computing, and storage space. Technical and related support activities such as engineering, design, operations, testing, code development, quality assurance, licensing and project management are performed at this facility.

Our full-scale reactor control room simulator and computational computing cluster are also located at this facility. NuScale personnel use the computational cluster in a secure data center to perform structural, thermal hydraulic, fluid dynamics and neutronics calculations. We believe the location of our Corvallis facilities provides us with unique access to the technical expertise found in Oregon State University, one of the largest nuclear engineering programs on the west coast. In addition, we lease properties in the following locations:

•Houston, TX. The Houston office, a leased property with approximately 773 square feet, is used to support various members of the Finance team.

•Rockville, MD. The Rockville office, a 1,973 square foot leased property, has been a key enabler for the NuScale strategy of early, frequent, and responsive interaction with the NRC.

On January 18, 2024, a fire broke out in the building housing the Company’s Portland, Oregon office, which destroyed the Company’s office. The cause of the fire remains under investigation. No one was injured in the fire and no critical records were lost. The office was set up for temporary use with no employees using it full time; as a result, losses were limited to furniture, a copier and computer systems. The Company carries insurance that will cover these losses, which were not material. Executives and other employees previously using that office are working remotely or commuting to the Company’s Corvallis, Oregon, office as needed. The Company terminated the lease in the fourth quarter of 2024.

Item 3. 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. See “Item 1A. Risk Factors” above for further discussion of how certain risks, including risks related to litigation, may affect the Company.

On September 19, 2022, thirteen purported members and/or option holders of NuScale LLC filed suit in the U.S. District Court for the District of Oregon against NuScale LLC, Fluor Enterprises, Japan NuScale Innovation, Inc., and Sargent & Lundy Holdings, LLC. The plaintiffs purport to represent a class of individuals who held common units or options to purchase common units in NuScale LLC and seek declaratory relief and damages based on breach of contract and other common law claims. The claims in the complaint are based on amendments to the operating agreement of NuScale LLC in connection with NuScale LLC’s combination with Spring Valley Acquisition Corp. On November 21, 2022, NuScale LLC, along with the other defendants, filed motions to dismiss. Plaintiffs filed a response on January 17, 2023, and NuScale LLC and the other defendants filed a reply on February 14, 2023. A hearing on the motions to dismiss was held on May 17, 2023. On August 3, 2023, the Magistrate Judge issued a report and recommendation that recommended that NuScale LLC’s motion to dismiss be denied. On August 17, 2023, NuScale LLC filed an objection to this report and recommendation. On November 13, 2023, the District Court Judge entered an order accepting the report and recommendation. On December 8, 2023, plaintiffs filed a motion for leave to amend their complaint, and on June 23, 2024, the Court denied this motion. Subsequent to year end, on February 13, 2025, the parties resolved the lawsuit and the complaint has been dismissed with prejudice.

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 assert 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. The Court appointed a lead plaintiff and lead counsel, and plaintiffs filed an amended complaint on April 18, 2024 that makes similar allegations as the original complaints. Defendants’ filed a motion to dismiss on June 17, 2024, and plaintiff filed a brief in opposition on August 1, 2024. Shortly thereafter, plaintiffs indicated they intended to seek leave to file a Second Amended Complaint to add allegations relating to the Company’s disclosure about the SEC inquiry disclosed below. Defendants consented to plaintiffs’ request to amend, with the express caveat that defendants believed the proposed amendment to be futile and defendants would move to dismiss any Second Amended Complaint, including any new allegations. On September 20, 2024, plaintiffs filed the Second Amended Complaint, and on November 1, 2024, defendants moved to dismiss. Plaintiffs’ responded to Defendants’ motion to dismiss on December 17, 2024, and Defendants’ filed a reply in support of their motion to dismiss on January 24, 2025. The motion is now pending and awaiting a decision. While no assurance can be given as to the ultimate outcome of this matter, the Company does not believe it is probable that a loss will be incurred and the Company has not recorded any liability as a result of these actions.

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, fees and damages for a to-be certified class of plaintiffs. This lawsuit is in its early stages.

In December 2023, the Company received a voluntary request from the SEC’s Denver Regional Office for information relating to its employment, severance, and confidentiality agreements. The Company has responded to those requests and intends to fully cooperate with the SEC. The Company cannot predict the timing or outcome of the SEC’s investigation at this time.

Item 4. Mine Safety Disclosures

None

Part II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Class A common stock is listed on the NYSE under the ticker symbol “SMR”. There is no established public trading market for Class B common stock.

As of February 28, 2025, we had 62,722 Class A shareowners of record and 57 Class B shareowners of record.

Performance Graph

The following graph shows changes over the period since the Transaction, May 2, 2022, through December 31, 2024, in the value of $100, invested in: (i) our Class A common shares; (ii) the Russell 3000 Index; and (iii) the peer group, which consists of publicly traded companies in the nuclear or energy transition industries comprised of Ballard Power Systems Inc., Bloom Energy Corporation, BWX Technologies, Inc., Enphase Energy, Inc., Enovix Corporation, FuelCell Energy, Inc., Plug Power Inc., Oklo Inc. and SolarEdge Technologies, Inc. The closing price of a share of NuScale’s Class A common stock as of December 31, 2024, the last trading day of 2024, was $17.93 on the NYSE.

Item 6. [Reserved]

Item 7. 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 should be read together with our financial statements as of and for the years ended December 31, 2024, 2023 and 2022 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. Unless the context otherwise requires, references in this section to “NuScale,” “the Company,” “us,”

“our” or “we” refer to NuScale Power, LLC (“NuScale LLC”) prior to the Transaction, and to NuScale Power Corporation (“NuScale Corp”) following the consummation of the Transaction.

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. We expect our operating losses and negative operating cash flow to grow until the commercialization of the NPM. 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 January 2023, the Company submitted an SDA Application and the associated licensing topical reports to the NRC for NuScale’s 6-unit 77 MWe NPM design. Once approved, customers in the United States will be able to reference the certified design and SDA for expedited construction and operating licensing of NuScale’s SMR pursuant to 10 CFR Part 52. On July 31, 2023, the NRC formally announced that it has accepted the Company’s SDA Application for formal review. Based on the NRC’s published schedule for SDA Application review, we expect the NRC will complete its review and SDA approval will be received by mid-year 2025.

The Company currently has only one “Class 1” 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. In November 2023, we entered into the Release Agreement with CFPP LLC, the Company’s first customer, pursuant to which the Company agreed to terminate the Development Cost Reimbursement Agreement (“DCRA”), as amended, and our Long Lead Material Reimbursement Agreement (“LLM Agreement”). CFPP LLC was receiving funding for approximately 79% of its qualified project costs, including the long-lead materials (“LLM”), under a cooperative agreement with the Department of Energy (“DOE”). Under the Release Agreement, we agreed to repay CFPP LLC’s Net Development Costs. 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 associated with the LLM.

Merger with Spring Valley

In December 2021, NuScale LLC entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Spring Valley Acquisition Corp. (“Spring Valley”) and Spring Valley Merger Sub, LLC (“Merger Sub”), a wholly owned subsidiary of Spring Valley. Pursuant to the Merger Agreement, Merger Sub merged with and into NuScale LLC (the “Merger”), with NuScale LLC surviving the Merger (the “Surviving Company”), Spring Valley being renamed NuScale Corp, and NuScale LLC continuing to be held as a wholly controlled subsidiary of NuScale Power Corporation in an “Up-C” structure. On May 2, 2022, the transactions contemplated by the Merger Agreement, including the Merger (collectively the “Transaction”) were completed.

The Transaction is shown as a reverse recapitalization under GAAP. Spring Valley is the acquired company, with NuScale LLC treated as the acquirer. This determination reflects Legacy NuScale Equityholders holding a majority of the voting power of NuScale Corp, NuScale LLC’s pre-merger operations being the majority post-merger operations of NuScale Corp and NuScale LLC’s management team retaining similar roles at NuScale Corp. Accordingly, although NuScale Corp (f/k/a Spring Valley) is the parent company, GAAP dictates that the financial statements of NuScale Corp represent a continuation of NuScale LLC’s operations, with the Transaction being treated as though NuScale LLC issued ownership interests for Spring Valley, accompanied by a recapitalization. The net assets of NuScale LLC are stated at historical cost,

with no incremental goodwill or other intangible assets recorded for the effects of the Transaction. The consummation of the Transaction resulted in NuScale LLC receiving cash equal to $341.5 million and assuming Warrant liabilities valued at $47.5 million.

Key Factors Affecting Our Prospects and Future Results

We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including competition from carbon-based and other non-carbon-based energy generators, the risk of perceived safety issues and their consequences for our reputation and the other factors discussed under the section titled “Risk Factors.” We believe the factors described below are key to our success.

Commencing and Expanding Commercial Launch Operations

In September 2020, we became the first and only company to receive NRC SDA for a small modular reactor. We believe our commercialization activities are being completed at a pace that can support delivery of NPMs to a client site as early as 2029. In December 2022, we signed a contract for Front-End Engineering and Design (“FEED”) work with RoPower to advance the deployment of our NPMs to Romania. Under Phase 1 of the contract, 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. We expect the site in Romania to use six modules and to be commercially operable as early as 2030.

We believe the long lead-time involved with siting an SMR, the number of potential customers in our pipeline and the work being performed by these potential customers involving a NuScale deployment project bode well for our potential future success. Further, in December 2022, we completed our Standard Plant Design (“SPD”), which provides potential customers with a generic NuScale-based power plant design that will serve as a starting point for deploying site-specific designs, including supporting client licensing and deployment activities.

Regulatory Approvals

In January 2023, the Company submitted an SDA Application and the associated licensing topical reports to the NRC for a NuScale’s 6-unit 77 MWe NPM design. Once approved, customers in the United States will be able to reference the certified design and SDA for expedited construction and operating licensing of NuScale’s SMR pursuant to 10 CFR Part 52. On July 31, 2023, the NRC formally announced that it has accepted the Company’s SDA Application for review. Based on the NRC’s published schedule for SDA Application review, we expect the NRC will complete its review and SDA approval to be received by mid-year 2025.

Other factors that we believe are critical to our future success are country-level approvals of our NPM design. We also believe site-approvals by our customers to be key to facilitating broader adoption of our products and services. Obtaining these approvals before others is critical in maintaining our competitive advantage.

Key Components of Results of Operations

Our historical results may not be indicative of our future results. Accordingly, the drivers of our future financial results, as well as the components of such results, may not be comparable to our historical or future results of operations.

Revenue

All revenue that we have generated to date arises from engineering and licensing fees and services provided to potential customers, including those as a result of the FEED services. We expect to generate a significant portion of our revenue from the sale of NPMs. We also expect 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.

Expenses

Research and Development Expense

Our research and development (“R&D”) expenses consist primarily of internal and external expenses incurred in connection with our R&D activities. These expenses include labor directly performed on our projects and fees paid to third parties working on and testing specific aspects of our NPM design. R&D costs have been expensed as incurred.

General and Administrative Expense

General and administrative (“G&A”) expenses consist of compensation costs for personnel in executive, finance, accounting, human resources and other administrative functions. G&A expenses also include legal fees, advertising and marketing, professional fees paid for accounting, auditing and consulting services, insurance costs and facility costs.

Other Expense

Other operating expenses consist primarily of compensation costs (including indirect benefits and equity-based compensation expense) for operating personnel.

Sponsored Cost Share

As our commercialization activities advance, we have continued to enter into cost share agreements with various entities, including both governmental and private, under which the Company is reimbursed for specific R&D activities. Generally, as our qualifying operating costs change, there is a corresponding change in the reimbursable amounts. The amount of any reimbursement is recognized in the period that we recognize the qualifying expenses.

Income Tax Effects

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.

Results of Operations


(in thousands)	Year Ended December 31,
	2024	2023		2022
Revenue	37,045	$	22,810	$	11,804
Cost of sales	(4,937)	(18,961)		(7,317)
Gross margin	32,108	3,849		4,487
Research and development expenses	46,817	156,050		127,662
General and administrative expenses	75,901	65,404		55,307
Other expenses	48,115	57,960		51,513
Loss from operations	(138,725)	(275,565)		(229,995)
Sponsored cost share	6,884	61,031		72,514
Change in fair value of warrant liabilities	(222,999)	23,627		12,148
Interest income	8,388	10,792		3,760
Loss before income taxes	(346,452)	$	(180,115)	$	(141,573)
Foreign income taxes	1,935	$	—	$	—
Net loss	(348,387)	$	(180,115)	$	(141,573)

Comparison of the Years Ended December 31, 2024 and 2023

Revenue and Cost of Sales

The increase in revenue was attributable to engineering and licensing fees and services in support of advancing RoPower’s goal of deploying a NuScale 6-module power plant in Romania.

R&D Expense

R&D expenses decreased significantly during the 2024 fiscal year as the Company is transitioning from an R&D-based company to a commercial company. In doing so, management was able to implement various internal cost optimization measures, which resulted in savings in personnel costs of $8.4 million and professional fees of $50.4 million. Further, the 2023 fiscal year saw the termination of the CFPP contract and the Release Agreement payment and expense of $49.8 million.

G&A Expenses

G&A expenses increased as a result of higher marketing and advertising spend as we continue to build brand recognition across the globe, the write-off of uncollectible receivables and professional fees to help the Company navigate from an R&D-based company to a commercial company.

Other Expense

Other expenses decreased as a result of savings associated with management’s cost optimization measures and decrease in discretionary spending resulting in savings of $9.8 million in personnel costs, equity-based compensation and general costs.

Sponsored Cost Share

Sponsored cost share decreased due to the Company hitting the cost share cap with DOE, USTDA and RoPower and the termination of the CFPP contract.

Change in fair value of warrant liabilities

The price of the Warrants, which is used to calculate their fair value, has significantly increased year-over year driven by a rising stock price as the market realizes the advantages NuScale’s technology brings to the energy industry, and the Company redeemed all outstanding Warrants in the fourth quarter of the 2024 fiscal year.

Foreign income taxes

During the 2024 fiscal year, the Company executed a contract with an entity based out of Romania resulting in income tax being withheld to pay the Romanian taxing authority.

Comparison of the Years Ended December 31, 2023 and 2022

Changes in Presentation

For the year ended December 31, 2022, sponsored cost share totaling $0.2 million that was previously included in Interest income (expense) has been reclassified to Sponsored cost share to conform to the current year presentation on the accompanying consolidated statements of operations. No such reclassifications were required for 2023.

For the year ended December 31, 2022, amounts totaling $4.2 million and $3.5 million were reclassified out of G&A expenses and into R&D expenses and Other expenses, respectively, to conform to the current year presentation. No such reclassification was required in 2023.

Revenue

The increase in revenue was attributable to activities in support of the Engineering, Procurement and Construction Development Agreement for CFPP, as well as nuclear technologies consulting services.

R&D Expense

R&D expenses increased due to the Release Agreement with CFPP in the amount of $49.8 million, partially offset by lower compensation costs of $8.7 million as we transition from R&D to commercialization activities, as well as lower professional fees.

G&A Expenses

G&A expenses increased as a result of $4.3 million in compensation costs due to an increase in headcount and $7.3 million in marketing and advertising costs as we continue to build brand recognition across the globe, partially offset by lower professional fees.

Other Expense

Other expenses increased as a result of higher equity-based compensation of $4.1 million and higher software license expenses of $2.8 million, partially offset by lower compensation costs.

Sponsored Cost Share

Sponsored cost share decreased due to a lower share percentage and funding from the DOE, partially offset by increases in United States Trade and Development Agency and subrecipient cost share for other projects.

Change in fair value of warrant liabilities

The price of the Warrants, which is used to calculate their fair value, has decreased year-over year resulting in larger income in the current period.

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 year ended December 31, 2024, the Company issued and sold 3,264,524 shares of Class A common stock for the gross and net proceeds of $71.2 million and $69.2 million, respectively. As of December 31, 2024, we have 21,735,476 shares of Class A common stock, at an aggregate sales price up to $128.8 million, eligible for sale under the ATM Program.

Previous to the current ATM Program, the Company fully utilized a similar agreement under which the Company offered and sold 20,000,000 shares of the Company’s Class A common stock. During the year ended December 31, 2024, the Company issued and sold 18,262,622 shares of Class A common stock for the gross and net proceeds of $139.0 million and $135.5 million, respectively, while during the year ended December 31, 2023, the Company issued and sold 1,737,378 shares of Class A common stock for the gross and net proceeds of $10.4 million and $9.8 million, respectively.

Subsequent to December 31, 2024, the Company issued and sold 4,548,127 shares of Class A common stock for the gross and net proceeds of $102,416 and $99,855, respectively, under the ATM Program.

On November 19, 2024, the Company provided notice in accordance with its Warrant Agreement dated November 23, 2020 between the Company and Continental Stock Transfer & Trust Company, as warrant agent, of the redemption of all Warrants outstanding as of 5:00 p.m., New York City time, on December 19, 2024 (the “Redemption Time”). As of the Redemption Time, 599,440 Warrants were outstanding and were redeemed by NuScale for $0.01 per Warrant. During the year ended December 31, 2024, Warrant holders exercised 17,859,261 Warrants for Class A common shares and $205.4 million in cash. There were no Warrants outstanding as of December 31, 2024.

Since NuScale’s inception, we have incurred significant operating losses and have an accumulated deficit of $377.1 million, with negative operating cash flows. As of December 31, 2024, we had cash and cash equivalents of $401.6 million and restricted cash of $5.1 million with no debt, while using $108.7 million of cash in operations. Historically, our primary sources of cash included investment capital, government grants and government sponsored cost share agreements to support the advancement of the Company’s SMR technology both domestically and abroad. As we transition from a focus on research and development to commercialization of our technology, the Company is focusing on revenue producing

commercial contracts. During the year ended December 31, 2024, the Company executed two revenue generating agreements in relation to the advancement of Doicesti project Phase 2 Front-End Engineering 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 year ended December 31, 2024, and is included in Other expenses on our consolidated income statement.

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. 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 in future years. Further, management plans to prudently manage its expenses and cash reserves into the future, recognizing the need to secure additional customer commitments to support long-term operations. For additional information on our potential need for future funding, see the section of this Annual Report on Form 10-K entitled “Risk Factors”.

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Net Cash Used in Operating Activities	$	(108,666)	$	(183,254)	(148,609)
Net Cash (Used) Provided by Investing Activities	(39,849)		48,275		(52,332)
Net Cash Provided by Financing Activities	429,806		16,127		368,064
Net Change in Cash, Cash Equivalents and Restricted Cash	$	281,291	$	(118,852)	$	167,123

Comparison of Cash Flows for the Years Ended December 31, 2024 and 2023

Cash Flows used in Operating Activities

Net cash used in our operating activities decreased during the year ended December 31, 2024, as management was able to implement cost optimization measures while transitioning from an R&D company to a commercial company. In addition, the Company did not incur any termination fees similar to the $49.8 million payment to CFPP associated with the Release Agreement made in the 2023 fiscal year.

Cash Flows used in Investing Activities

The majority of the Company’s investing cash flows result from the purchase and sale of short-term investments, with minimal capital expenditures annually.

Cash Flows provided by Financing Activities

The Company’s financing activities consist of proceeds arising from utilizing our ATM sales and the exercise of options and warrants. The current year saw much higher ATM activity, as management took advantage of a rising stock price to increase our cash balance by $204.6 million as we continue to fund business development measures. In connection with NuScale’s announced redemption of the outstanding Warrants, Warrant exercises prior to the redemption time on December 19, 2024 resulted in approximately $205.4 million in proceeds, while the remaining increase in cash resulted from stock option exercises.

Comparison of Cash Flows for the Years Ended December 31, 2023 and 2022

Cash Flows used in Operating Activities

Net cash used in our operating activities increased during year ended December 31, 2023 due to the Release Agreement payment to CFPP LLC in the amount of $49.8 million, partially offset by a buildup of our accounts payables and accruals associated with the manufacture of our long-lead materials.

Cash Flows used in Investing Activities

Investing cash flows generally reflect capital expenditures on computer equipment and software. However, in 2022, we invested $50 million in short-term investments, while in 2023, we sold those short-term investments.

Cash Flows provided by Financing Activities

During 2023, our cash provided by financing activities consisted of proceeds from our ATM sales and the exercise of options, while in 2022 the majority of the cash consisted of proceeds from the Transaction, with another $28.7 million received for the exercise of warrants and options.

Commitments and Contractual Obligations

We do not have any material commitments and contractual obligations.

Off-Balance Sheet Arrangements

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 consolidated balance sheet and acts as collateral for the $5.0 million letter of credit outstanding at December 31, 2024.

Effective January 1, 2025, the Company entered into sales and marketing agreements in the amount of $34.8 million for services to be performed ratably over the 2025 fiscal year.

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 $7.4 million.

Critical Accounting Policies and Estimates

Our financial statements have been prepared in accordance with GAAP. Preparation of the financial statements requires our management to make a number of judgments, estimates and assumptions relating to the reported amount of expenses, assets and liabilities and the disclosure of contingent assets and liabilities. We consider an accounting judgment, estimate or assumption to be critical when (1) the estimate or assumption is complex in nature or requires a high degree of judgment and (2) the use of different judgments, estimates and assumptions could have a material impact on our financial statements. Our significant accounting policies are described in Note 3 within our “Notes to the Consolidated Financial Statements”. Additional information about our critical accounting policies follows:

Revenue Recognition

In addition to advancing the commercialization of our SMR, we provide engineering and licensing services to customers.

We recognize fixed price contract revenue with multiple performance obligations as each obligation is completed. We allocate 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 consolidated balance sheet. Amounts billed to clients in excess of revenue recognized are classified as a current liability under deferred revenue on the consolidated balance sheet.

NuScale has also executed contracts that include variable consideration. The variable consideration is recognized subject to appropriate constraints, as required by GAAP, to avoid a significant reversal of revenue in future periods. Management reviews the Company’s variable consideration on at least a quarterly basis. The only significant contract with variable consideration outstanding at December 31, 2024, is a time and material contract that will be recognized as services are provided, until the customer’s goals are achieved or the contract terminates.

Revenue recognition and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet date, such as engineering progress, material quantities, the achievement of milestones, penalty provisions, labor productivity and cost estimates. We continuously monitor factors that may affect the quality of our estimates, and material changes in estimates are disclosed accordingly.

We exclude all taxes assessed by governmental authorities from our measurement of transaction prices that are both

(i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of sales.

We generally provide limited warranties for work performed under our engineering contracts. The warranty periods typically extend for a limited duration following substantial completion of our work.

Recent Accounting Pronouncements

Refer to Note 3 in the consolidated financial statements for a summary of recently adopted and recently issued accounting standards and their related effects or anticipated effects on our consolidated results of operations and financial condition.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

None

Item 8. Financial Statements and Supplementary Data

Our Consolidated Financial Statements required by this Item are set forth in Item 15 of this Annual Report on Form 10-K.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

None

Item 9A. 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 December 31, 2024, 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 year ended December 31, 2024 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 audited consolidated financial statements included in this report fairly present in all material respects our financial condition and results of operations as of and for the years ended December 31, 2024 in accordance with U.S. Generally Accepted Accounting Principles.

Plan for Remediation of Material Weakness

In order to remediate the material weakness, we plan to invest significantly in the critical resources 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:

•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.

•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;

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

•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 annual report on Form 10-K that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of NuScale Power Corporation:

Opinion on Internal Control Over Financial Reporting

We have audited NuScale Power Corporation’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, because of the effect of the material weakness described below on the achievement of the objectives of the control criteria, NuScale Power Corporation (the Company) has not maintained effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.

A material weakness is a deficiency, or 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. The following material weakness has been identified and included in management’s assessment. Management has identified a material weakness related to insufficient design, implementation and documentation of information technology (“IT”) general controls and internal controls across key financial reporting processes, which are necessary for the Company to achieve complete, accurate and timely financial reporting due to an insufficient complement of personnel, level of technical accounting and IT support within those areas to design and operate the related controls.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes. This material weakness was considered in determining the nature, timing and extent of audit tests applied in our audit of the 2024 consolidated financial statements, and this report does not affect our report dated March 3, 2025, which expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Portland, Oregon

March 3, 2025

Item 9B. Other Information

Rule 10b5-1 Trading Plans

During the three months ended December 31, 2024, (a) the Company’s chief financial officer, Ramsey Hamady, adopted a plan which is intended to satisfy the affirmative defense of Rule 10b5-1(c) on December 13, 2024, which runs through December 10, 2025, and provides for the aggregate purchase or sale of 40,000 shares, and (b) the Company’s chief technology officer, Jose Reyes, adopted a plan which is intended to satisfy the affirmative defense of Rule 10b5-1(c) on November 13, 2024, which runs through November 14, 2025, and provides for the aggregate purchase or sale of 99,000 shares.

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

None

Part III

Item 10. Directors, Executive Officers and Corporate Governance

The information required by this item is incorporated by reference to the Company’s Proxy Statement for the 2025 Annual Meeting of Stockholders, except that the information regarding our executive officers required by Item 401 of Regulation S-K is set forth herein at Part I, Item 1 of this Form 10-K under the heading “Information about our Executive Officers.”

Code of Business Conduct

We have a code of business conduct that applies to all our directors, officers and employees, including our principal executive officer, principal financial officer and principal accounting officer. A copy of the code of conduct is available on our website at www.nuscalepower.com. The code of business conduct is a “code of ethics,” as defined in Item 406(b) of Regulation S-K. Our Internet website address is provided as an inactive textual reference only. We will make any legally required disclosures regarding amendments to, or waivers of, provisions of its code of ethics on our website. Information contained on or accessible through our website is not a part of this annual report on Form 10-K.

Item 11. Executive Compensation

The information required by this item is incorporated by reference to the Company’s Proxy Statement for the 2025 Annual Meeting of Stockholders.

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

The information required by this item is incorporated by reference to the Company’s Proxy Statement for the 2025 Annual Meeting of Stockholders.

Item 13. Certain Relationships and Related Transactions

The information required by this item is incorporated by reference to the Company’s Proxy Statement for the 2025 Annual Meeting of Stockholders.

Item 14. Principal Accounting Fees and Services

The information required by this item is incorporated by reference to the Company’s Proxy Statement for the 2025 Annual Meeting of Stockholders.

Part IV

Item 15. Exhibits and Financial Statement Schedules

(a)(1) Financial Statements: The financial statements filed as part of this report are listed on the index to financial statements on page F-1.

(a)(2) Financial Statement Schedules: All schedules have been omitted because they are not required, not applicable, not present in amounts sufficient to require submission of the schedule, or the required information is otherwise included.

(a)(3) Exhibits: The exhibits listed on the Exhibit Index are included or incorporated by reference in this report.

(b) Exhibits.


	Exhibit Number	Description
	2.1†	Agreement and Plan of Merger, dated as of December 13, 2021, by and among Sprig 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)
	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)
	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)
	3.1	Certificate of Incorporation of NuScale Power Corporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on May 5, 2022); Certificate of Amendment to Certificate of Incorporation
	3.2	Bylaws of NuScale Power Corporation (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed on May 5, 2022)
	4.1	Description of Registrant’s Securities
	10.1	Form of NuScale Corp Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-4 filed on February 11, 2022)
	10.2+	2022 Long-Term Incentive Plan, as amended, and forms of equity agreements thereunder (incorporated by reference to Annex E to the Proxy Statement/ Prospectus filed on April 8, 2022)
e	10.3+	Fourth Amended and Restated 2011 Equity Incentive Plan of NuScale Power, LLC; Form of Option Agreement (incorporated by reference to Exhibit 10.9 to the Current Report on Form 8-K filed on May 5, 2022)
	10.4	Amended and Restated Registration Rights Agreement dated May 2, 2022, by and among NuScale Power Corporation, Spring Valley Acquisition Sponsor, LLC, SV Acquisition Sponsor Sub, LLC, and certain members of NuScale Power, LLC and shareholders of NuScale Power Corporation (incorporated by reference to Exhibit 10.10 to the Current Report on Form 8-K filed on May 5, 2022)
	10.5	Tax Receivable Agreement dated May 2, 2022, by and among NuScale Power Corporation, NuScale Power, LLC, and certain members of NuScale Power, LLC (incorporated by reference to Exhibit 10.11 to the Current Report on Form 8-K filed on May 5, 2022)
	10.6	Sixth Amended and Restated Limited Liability Company Agreement dated May 2, 2022, by and among NuScale Power Corporation, NuScale Power, LLC and the members of NuScale Power, LLC (incorporated by reference to Exhibit 10.12 to the Current Report on Form 8-K filed on May 5, 2022)
	10.7+	Employment Agreement between John Hopkins and NuScale Power, LLC dated November 1, 2021 (incorporated by reference to Exhibit 10.10 to the Registration Statement on Form S-4, filed on February 11, 2022)
	10.8+	Amendment No. 1 to Employment Agreement with John Hopkins effective May 2, 2022 (incorporated by reference to Exhibit 10.14 to the Current Report on Form 8-K filed on May 5, 2022)


			10.9						Amended and Restated Master Services Agreement, dated September 2, 2020, between NuScale Power, LLC and Fluor Enterprises, Inc. as amended by the Amendment to Amended and Restated Master Services Agreement, dated September 21, 2020 (portions of this exhibit have been redacted ) (inc orporated by reference to Exhibit 10.15 to the annual report on Form 10-K filed on March 15, 2024 )
			10.10†						Assistance Agreement with the U.S. Department of Energy dated January 7, 2022 (portions of the agreement have been redacted) (incorporated by reference to Exhibit 10.14 to the Registration Statement on Form S-4 filed on March 14, 2022)
			10.11+						Form of Agreement to Terminate Employment Agreement, including Executive Change in Control Plan and Executive Severance Policy
			10.12						Exclusivity Agreement among NuScale Power, LLC, NuScale Holdings Corp., and Fluor Enterprises, Inc. dated September 30, 2011, as amended by First Amendment to Exclusivity Agreement dated July 31, 2019 and Second Amendment to the Exclusivity Agreement dated March 26, 2021 (portions of the agreement have been redacted) (incorporated by reference to Exhibit 10.21 to the Current Report on Form 8-K filed on May 5, 2022)
			10.13						Development Cost Reimbursement Agreement between NuScale Power, LLC and Utah Associated Municipal Power Systems dated December 31, 2020, as amended by Amendment No. 1 dated April 30, 2021 and Amendment No. 2 dated May 31, 2021 (portions of the agreement have been redacted) (incorporated by reference to Exhibit 10.22 to the Current Report on Form 8-K filed on May 5, 2022)
			10.14+						Letter Agreement among NuScale Power, LLC, Fluor Enterprises, Inc., Japan NuScale Innovation, LLC, and Japan Bank for International Cooperation dated April 4, 2022 (incorporated by reference to Exhibit 10.23 to the Current Report on Form 8-K filed on May 5, 2022)
			10.15+						Executive Severance Policy
			10.16+						Executive Change in Control Plan
			10.17						Amendment No. 3 to Development Cost Reimbursement Agreement, dated February 28, 2023, between NuScale LLC and CFPP LLC (incorporated by reference to Exhibit 10.25 to the annual report on Form 10-K filed March 16, 2023)
			10.18						Long Lead Material Reimbursement Agreement, dated February 28, 2023, between NuScale LLC and CFPP LLC (portions of this exhibit have been redacted) (incorporated by reference to Exhibit 10.26 to the annual report on Form 10-K filed March 16, 2023)
			10.19						Sales Agreement, dated August 9, 2023, between NuScale Power Corporation, Cowen & Company, LLC, B. Riley Securities, Inc. and Canaccord Genuity LLC (incorporated by reference to Exhibit 1.1 to Form 8-K filed on August 10, 2023)
			10.20						Master Services Agreement, dated April 29, 2019, between NuScale Power, LLC and Doosan Heavy Industries & Construction Co., Ltd. (portions of this exhibit have been redacted ) (inco rporated by reference to Exhibit 10.26 to the annual report on Form 10 -K filed March 15, 2024 )
			10.21						Confidential Settlement and Release Agreement dated November 7, 2023, between NuScale Power, LLC and CFPP LLC (portions of this exhibit have been redacted ) (incorporated by reference to Exhibit 10.27 to the annual report on Form 10-K filed March 15, 2024 )
			10.22						Master Services Agreement, dated January 25, 2021, between NuScale Power, LLC and Fluor Enterprises, Inc (incorporated by reference to Exhibit 10.28 to the annual report on Form 10-K filed March 15, 2024)
			10.23						Task Order No.: R1MA-P2-OFS-90-K200, dated October 3, between the Company and Fluor Transworld Services, Inc., - (portions of this exhibit have been omitted) (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on October 9, 2024)
			10.24						Form of NuScale Power Corporation Stock Option Award Agreement under the NuScale Power Corporation 2022 Long-Term Incentive Pla n (inc or p orated by reference to E xhibit 10.1 to F orm 10-Q filed on May 9, 2024)
			10.25						Form of NuScale Power Corporation Restricted Stock Unit Agreement under the NuScale Power Corporation 2022 Long-Term Incentive Pla n (incorporated by reference to Exhibit 10.3 to Form 10-Q filed on May 9, 2024)
			10.25						Sales Agreement, dated November 8, 2024, between NuScale Power Corporation, TD Securities (USA) LLC, UBS Securities LLC, B. Riley Securities, Inc. and Canaccord Genuity LLC (incorporated by reference to Exhibit 1.1 to Form 8-K filed on November 8, 2024)
			19.1						Insider Trading Policy
			19.2						Insider Trading Procedure


			21.1						Subsidiaries of the Registrant
			23.1						Consent of Ernst & Young LLP independent registered accounting firm
			31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
			31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
			32.1						Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
			32.2						Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
			97.1						NuScale Power Corporation Clawback Polic y (incorporated by reference to Exhibit 97.1 to the annual report filed on March 15, 2024)
			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 omitted pursuant to Regulation S-K Item 601(b)(2). The Registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

+ Indicates a management contract or compensatory plan.

Item 16. Form 10-K Summary

None

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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

Date	By:	/s/ John Hopkins
March 3, 2025	Name:	John Hopkins
	Title:	Chief Executive Officer

Date	By:	/s/ R. Ramsey Hamady
March 3, 2025	Name:	R. Ramsey Hamady
	Title:	Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

NAME

POSITION

DATE

/s/ Alan L. Boeckmann

Chairman and Director

March 3, 2025

Alan L. Boeckmann

/s/ John Hopkins

Chief Executive Officer and Director (Principal Executive Officer)

March 3, 2025

John Hopkins

/s/R. Ramsey Hamady

Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

March 3, 2025

R. Ramsey Hamady

/s/ Alvin C. Collins, III

Director

March 3, 2025

Alvin C. Collins, III

/s/ Kent Kresa

Director

March 3, 2025

Kent Kresa

/s/ Jim Breuer

Director

March 3, 2025

Jim Breuer

/s/ Kimberly O. Warnica

Director

March 3, 2025

Kimberly O. Warnica

/s/ Bum Jin Chung

Director

March 3, 2025

Bum Jin Chung

/s/ Shinji Fujino

Director

March 3, 2025

Shinji Fujino

/s/ Diana J. Walters

Director

March 3, 2025

Diana J. Walters


Audited Financial Statements of NuScale Power Corporation			Page(s)
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)			F-2
Consolidated Balance Sheet as of December 31, 2024 and 2023			F-3
Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022			F-4
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2024, 2023 and 2022			F-5
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022			F-7
Notes to the Consolidated Financial Statements			F-8

F-1

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of NuScale Power Corporation:

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of NuScale Power Corporation (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in stockholders' equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 3, 2025 expressed an adverse opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.


			Revenue recognition on revenue contracts
Description of the Matter			As described in Note 3 and 12 of the consolidated financial statements, the Company identifies performance obligations within its contracts and recognizes revenue either at a point in time or over time depending on the nature of those performance obligations. Identifying the separate performance obligations within the revenue contracts and determining the amount of revenue that should be recognized involves judgment due to the unique and non-standard nature of the contracts the Company enters. Auditing the Company’s application of the revenue recognition framework was especially challenging as it requires judgments related to the Company’s identification of performance obligations and determination of the timing of revenue recognition.
How We Addressed the Matter in Our Audit			To test the Company’s application of the revenue recognition framework including the identification of performance obligations and the timing of revenue recognition, including variable consideration, our audit procedures included, among others, reading significant contracts, evaluating key terms and conditions within the contracts to determine their accounting implications and evaluating management’s judgments around the identification of separate performance obligations within the revenue contracts and the timing of revenue recognition.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2018.

Portland, Oregon

March 3, 2025

F-2

NuScale Power Corporation

Consolidated Balance Sheets


(in thousands, except share and per share amounts)	December 31, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	401,556	$	120,265
Short-term investments	40,000		—
Restricted cash	5,100		5,100
Prepaid expenses	3,377		19,054
Accounts and other receivables	21,104		10,127
Total current assets	471,137		154,546
Property, plant and equipment, net	2,421		4,116
In-process research and development	16,900		16,900
Intangible assets, net	704		882
Goodwill	8,255		8,255
Long-lead material work in process	43,388		36,361
Other assets	1,868		3,798
Total Assets	$	544,673	$	224,858
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses	$	47,947	$	44,925
Accrued compensation	7,330		8,546
Long-lead material liability	32,327		32,323
Other accrued liabilities	1,356		1,664
Deferred revenue	762		—
Total current liabilities	89,722		87,458
Warrant liabilities	—		5,722
Deferred revenue	181		898
Noncurrent liabilities	1,650		1,442
Total Liabilities	91,553		95,520

Stockholders' Equity
Class A common stock, par value $0.0001 per share, 332,000,000 shares authorized, 122,842,474, 76,895,166 and 69,353,019 shares issued and outstanding as of December 31, 2024, 2023 and 2022, respectively	12		8
Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 154,254,663, 154,477,032 and 157,090,820 shares issued and outstanding as of December 31, 2024, 2023 and 2022, respectively	15		15
Additional paid-in capital	995,745		333,888
Accumulated deficit	(377,077)		(240,454)
Total Stockholders' Equity Excluding Noncontrolling Interests	618,695		93,457
Noncontrolling interests	(165,575)		35,881
Total Stockholders' Equity	453,120		129,338
Total Liabilities and Stockholders' Equity	$	544,673	$	224,858

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

F-3

NuScale Power Corporation

Consolidated Statements of Operations


	Year Ended December 31,
(in thousands, except share and per share amounts)	2024		2023		2022
Revenue	$	37,045	$	22,810	$	11,804
Cost of sales	(4,937)		(18,961)		(7,317)
Gross margin	32,108		3,849		4,487
Research and development expenses	46,817		156,050		127,662
General and administrative expenses	75,901		65,404		55,307
Other expenses	48,115		57,960		51,513
Loss from operations	(138,725)		(275,565)		(229,995)
Sponsored cost share	6,884		61,031		72,514
Change in fair value of warrant liabilities	(222,999)		23,627		12,148
Interest income	8,388		10,792		3,760
Loss before income taxes	(346,452)		(180,115)		(141,573)
Foreign income taxes	1,935		—		—
Net loss	(348,387)		(180,115)		(141,573)
Net loss attributable to legacy NuScale LLC holders prior to Transaction	—		—		(31,155)
Net loss attributable to noncontrolling interests	(211,764)		(121,753)		(84,504)
Net Loss Attributable to Class A Common Stockholders	$	(136,623)	$	(58,362)	$	(25,914)

Loss Per Share of Class A Common Stock:
Basic and Diluted	$	(1.47)	$	(0.80)	$	(0.51)

Weighted-Average Shares of Class A Common Stock Outstanding:
Basic and Diluted	93,249,872		73,386,018		50,763,844

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

F-4

NuScale Power Corporation

Consolidated Statements of Changes in Stockholders’ Equity


(in thousands)	Common Stock
	Class A			Class B			Additional Paid-in Capital		Accumulated Deficit		Noncontrolling Interests		Total Stockholders’ Equity
	Shares	Amount		Shares	Amount
Balances at December 31, 2023	76,895	$	8	154,477	$	15	$	333,888	$	(240,454)	$	35,881	$	129,338
Equity-based compensation expense	—	—		—	—		13,642		—		—		13,642
Exercise of common share options and warrants and vested RSUs	24,198	2		—	—		456,499		—		—		456,501
Issuance of Class A common stock	21,527	2		—	—		204,646		—		—		204,648
Exchange of combined interests for Class A common stock	222	—		(222)	—		—		—		—		—
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	—	—		—	—		(12,930)		—		12,930		—
Foreign income tax withholding to noncontrolling interests	—	—		—	—		—		—		(2,622)		(2,622)
Net loss	—	—		—	—		—		(136,623)		(211,764)		(348,387)
Balances at December 31, 2024	122,842	$	12	154,255	$	15	$	995,745	$	(377,077)	$	(165,575)	$	453,120


	Common Stock
	Class A			Class B			Additional Paid-in Capital		Accumulated Deficit		Noncontrolling Interests		Total Stockholders’ Equity
(in thousands)	Shares	Amount		Shares	Amount
Balances at December 31, 2022	69,353	$	7	157,091	$	16	$	296,748	$	(182,092)	$	162,408	$	277,087
Equity-based compensation expense	—	—		—	—		16,239		—		—		16,239
Exercise of common share options and warrants and vested RSUs	3,191	—		—	—		6,291		—		—		6,291
Issuance of Class A common stock	1,737	—		—	—		9,836		—		—		9,836
Exchange of combined interests for Class A common stock	2,614	1		(2,614)	(1)		—		—		—		—
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	—	—		—	—		4,774		—		(4,774)		—
Net loss	—	—		—	—		—		(58,362)		(121,753)		(180,115)
Balances at December 31, 2023	76,895	$	8	154,477	$	15	$	333,888	$	(240,454)	$	35,881	$	129,338

F-5

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

NuScale Power Corporation

Consolidated Statements of Changes in Stockholders’ Equity


(in thousands)										Common Stock
	Mezzanine Equity			Convertible Preferred Units			Common Units			Class A			Class B			Additional Paid-in Capital		Accumulated Deficit		Noncontrolling Interests		Total Stockholders' Equity
	Units	Amount		Units	Amount		Units	Amount		Shares	Amount		Shares	Amount
Balances at December 31, 2021	6,000	$	2,140	633,261	$	819,694	9,074	$	28,184	—	$	—	—	$	—	$	—	$	(781,620)	$	—	$	66,258
Exercise of common unit options	—	—		—	—		3,764	847		—	—		—	—		—		—		—		847
Repurchase of common units	—	—		—	—		(358)	(566)		—	—		—	—		—		—		—		(566)
Issuance of treasury units	—	—		—	—		12	20		—	—		—	—		—		—		—		20
Conversion of equity award to liability award	—	—		—	—		—	(50)		—	—		—	—		—		—		—		(50)
Equity-based compensation expense	—	—		—	—		—	1,359			—		—	—		7,972		—		—		9,331
Reverse recapitalization, net	(6,000)	(2,140)		(633,261)	(819,694)		(12,492)	(29,794)		41,971	4		178,397	18		220,606		656,597		280,113		307,850
Exercise of common share options and warrants	—	—		—	—		—	—		4,432	1		—	—		34,969		—		—		34,970
Issuance of earn-out shares upon triggering event	—	—		—	—		—	—		1,644	—		—	—		—		—		—		—
Conversion of combined interest into Class A shares	—	—		—	—		—	—		21,306	2		(21,306)	(2)		—		—		—		—
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	—	—		—	—		—	—		—	—		—	—		33,201		—		(33,201)		—
Net loss attributable to legacy NuScale prior to Transaction	—	—		—	—		—	—		—	—		—	—		—		(31,155)		—		(31,155)
Net loss after the Transaction	—	—		—	—		—	—		—	—		—	—		—		(25,914)		(84,504)		(110,418)
Balances at December 31, 2022	—	$	—	—	$	—	—	$	—	69,353	$	7	157,091	$	16	$	296,748	$	(182,092)	$	162,408	$	277,087

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

F-6

NuScale Power Corporation

Consolidated Statements of Cash Flows


	Year Ended December 31,
(in thousands)	2024		2023		2022
OPERATING CASH FLOW
Net loss	$	(348,387)	$	(180,115)	$	(141,573)
Adjustments to reconcile net loss to operating cash flow:
Depreciation	1,665		2,380		2,521
Amortization of intangibles	177		177		177
Equity-based compensation expense	13,642		16,239		9,331
Provision for credit losses	1,000		—		—
Change in fair value of warrant liabilities	222,999		(23,627)		(12,148)
Loss on disposal of property, plant and equipment	(122)		—		—
Impairment of intangible asset	71		797		—
Net noncash change in right of use assets and lease liabilities	(68)		(2,360)		2,385
Changes in assets and liabilities:
Prepaid expenses and other assets	16,413		(10,043)		(2,243)
Accounts receivable	(11,977)		1,072		(6,366)
Long-lead material work in process	(7,017)		(36,361)		—
Accounts payable and accrued expenses	5,717		18,246		2,987
Long-lead material liability	4		32,323		—
Lease liability	(1,612)		(1,701)		(1,504)
Deferred DOE cost share	—		—		(104)
Deferred revenue	45		42		(559)
Accrued compensation	(1,216)		(323)		(1,513)
Net Cash Used in Operating Activities	(108,666)		(183,254)		(148,609)
INVESTING CASH FLOW
Sale of short-term investments	25,000		50,000		—
Purchase of short-term investments	(65,000)		—		(50,000)
Insurance proceeds for property, plant and equipment	195		—		—
Purchases of property, plant and equipment	(44)		(1,725)		(2,332)
Net Cash (Used) Provided by Investing Activities	(39,849)		48,275		(52,332)
FINANCING CASH FLOW
Proceeds from the issuance of common stock, net of issuance fees	204,648		9,836		—
Proceeds from exercise of warrants	205,375		—		22,325
Proceeds from exercise of common share options	22,405		6,291		6,377
Foreign income tax withholding to NCI interests	(2,622)		—		—
Proceeds from Transaction, net	—		—		341,462
Payments of Transaction costs	—		—		(2,401)
Proceeds from exercise of common unit options	—		—		847
Repurchase of common units	—		—		(566)
Issuance of treasury units	—		—		20
Net Cash Provided by Financing Activities	429,806		16,127		368,064
Net Change in Cash, Cash Equivalents and Restricted Cash	281,291		(118,852)		167,123
Cash, cash equivalents and restricted cash:
Beginning of period	125,365		244,217		77,094
End of period	$	406,656	$	125,365	$	244,217
Summary of noncash investing and financing activities:
Assumption of Transaction warrant liabilities	$	—	$	—	$	47,532
Debt converted to equity	—		—		14,181
Warrants converted into equity	228,721		—		6,268
Conversion of equity options to liability award	—		—		50
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$	3,224	$	—	$	—

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

F-7

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

1. The Company

Organization

NuScale Corp (“NuScale”, the “Company”, “us”, “we” or “our”) is incorporated under the laws of the state of Delaware. The Company is the primary beneficiary of NuScale LLC, a variable interest entity, and all activity of NuScale LLC and the Company are consolidated herein. NuScale LLC is a limited liability company organized in the State of Oregon in 2011.

Operations

The Company 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 Company also uses the test facility at OSU through a technology transfer agreement. The following represents key milestones in the development of this technology:

•December 2016: Design Certification Application (“DCA”) completed

•January 2017: DCA submitted to the NRC

•March 2017: DCA accepted for review by the NRC

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

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

The FSER represents the NRC’s completion of its technical review and approval of the NuScale SMR design. With this final 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 NuScale design. Based on the NRC’s published schedule for SDA Application review, we expect the NRC will complete its review and SDA approval to be received by the end of the 2025 fiscal year.

The Company’s activities are subject to significant risks and uncertainties, including failing to secure funding to sustain operations until our SDA applications are approved by the NRC, 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 2023 and 2024 fiscal years.

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 $3,236 during the year ended December 31, 2024, and is included in Other expenses on our consolidated income statement.

U.S. Department of Energy Funding

Beginning in 2014, the U.S. DOE has provided critical funding to NuScale through a series of cooperative agreements which support ongoing commercialization activities. The relevant agreements are discussed below.

U.S. Department of Energy NuScale SMR FOAK Nuclear Demonstration Readiness Project Completion (Award 8928)

In February 2020, NuScale LLC was awarded up to $350,000 under “SMR FOAK Nuclear Demonstration Readiness Project Completion” (“Award 8928”). This program is expected to complete all remaining licensing activities, first-of-a-kind engineering, supply chain development, testing and other required activities to have the NuScale SMR ready to enable timely client project deployment. The award consisted of NuScale cost share of $350,000 (50%) and government cost share of $350,000 (50%). Subsequently the award has been amended and DOE obligated $262,656, of which NuScale has collected a total of $262,655 through December 31, 2024, with no future obligations guaranteed.

F-8

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

2.Merger Transaction

Merger with Spring Valley

In December 2021, NuScale LLC entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Spring Valley Acquisition Corp. (“Spring Valley”) and Spring Valley Merger Sub, LLC (“Merger Sub”), a wholly owned subsidiary of Spring Valley. Pursuant to the Merger Agreement, Merger Sub merged with and into NuScale LLC (the “Merger”), with NuScale LLC surviving the Merger (the “Surviving Company”), Spring Valley being renamed NuScale Power Corporation, and NuScale LLC continuing to be held as a wholly controlled subsidiary of NuScale Corp in an “Up-C” structure. On May 2, 2022, the Merger and other transactions contemplated by the Merger Agreement (collectively the “Transaction”) was completed.

In connection with the Transaction:

•Each Convertible Preferred Unit of NuScale LLC was converted into common units using an exchange ratio, and each NuScale LLC common unit holder (including the holders of the previously converted Convertible Preferred Units) received a certain number of NuScale LLC Class B units and non-economic voting shares of NuScale Corp Class B common stock based on an exchange ratio. Holders of NuScale LLC Class B units have the right to exchange each Class B unit, together with the cancellation for no consideration of one share of NuScale Corp Class B common stock, par value $0.0001, for one share of NuScale Corp Class A common stock, par value $0.0001, or cash, subject to certain restrictions.

•Institutional and accredited investors purchased 23,700,002 shares of Class A common stock for an aggregate amount of $235,000.

The consummation of the Transaction resulted in NuScale LLC receiving cash equal to $341,500 and assuming Warrant liabilities valued at $47,500.

Tax Receivable Agreement

Substantially all the assets of the combined company are held by NuScale LLC, and NuScale Corp’s only assets are its equity interest in NuScale LLC and prepaid assets. NuScale Corp entered into a Tax Receivable Agreement (“TRA”) with NuScale LLC, each of the TRA Holders (as defined in the TRA), and Fluor, in its capacity as TRA Representative (as defined in the TRA). Pursuant to the TRA, NuScale Corp must pay 85% of the net cash tax savings from certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increases in tax basis and other tax benefits resulting from any exchange by the TRA holders of NuScale LLC Class B units and NuScale Corp Class B common stock for shares of Class A common stock or cash in the future.

NuScale Corp will benefit from the remaining 15% of cash tax savings, if any, realized as a result of such tax benefits. Cash tax savings will be computed by comparing NuScale Corp’s actual income tax liability to the amount of such taxes that NuScale Corp would have been required to pay had there been no increase to the tax basis of its assets as a result of the Transaction or the exchanges and had NuScale Corp not entered into the TRA (calculated by making certain assumptions).

As of December 31, 2024, there have been 24,142,048 Class B units exchanged (together with the cancellation for no consideration of an equal number of shares of NuScale Corp Class B common stock) for shares of Class A common stock. Associated with these exchanged units we have calculated an implied TRA obligation of $63,360 as of December 31, 2024.

F-9

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

However, given NuScale Corp’s current tax situation we conclude the liability is not probable, and thus no liability related to projected obligations under the TRA has been recorded.

3. Summary of Significant Accounting Policies

Principles of Consolidation

As part of the Transaction, NuScale Corp has been determined to be the primary beneficiary of NuScale LLC, a variable interest entity (“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 consolidated financial statements. All assets and liabilities included in the consolidated balance sheet are that of NuScale LLC, other than the Warrants and certain prepaid assets. All intercompany transactions have been eliminated upon consolidation.

Changes in Presentation

For the year ended December 31, 2023, $1,855 was reclassified out of Other expenses and into R&D expenses to conform to the current year presentation, while for December 31, 2022, amounts totaling $4,246 and $3,504 were reclassified out of G&A expenses and into R&D expenses and Other expenses, respectively.

For the year ended December 31, 2022, sponsored cost share totaling $177 that was previously included in Interest income has been reclassified to Sponsored cost share to conform to the current year presentation on the accompanying consolidated statements of operations. No such reclassifications were required for the 2023 fiscal year.

Subsequent Events

The Company follows the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 855, Subsequent Events, for disclosing subsequent events. These subsequent events are disclosed in note 4, note 14 and note 17, which are the footnotes they are applicable to.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions. NuScale believes that the estimates, judgments and assumptions made when accounting for items and matters such as, but not limited to, depreciation, amortization, in-process research and development (“IPR&D”), asset valuations, equity-based compensation and contingencies are reasonable, based on information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements, as well as amounts reported on the statements of operations during the periods presented. Actual results could differ from those estimates.

Cash, Cash Equivalents 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 time of purchase. Cash equivalents with an initial maturity of between three and twelve months at time of purchase are presented as short-term investments on the accompanying consolidated balance sheet. Cash equivalents and short-term investments consist of certificates of deposit. These certificates of deposit are classified as held-to-maturity, and the estimated fair value of the investment approximates its amortized cost.

Cash in the amount of $5,100 is restricted as collateral for the letter of credit associated with the Release Agreement with CFPP LLC at December 31, 2024 and December 31, 2023. Previous to that, the letter of credit was associated with the DCRA, which spanned multiple years requiring the amount be classified as a noncurrent asset at December 31, 2022. The Company expects the Release Agreement will be finalized during the 2025 fiscal year resulting in the related restricted cash being classified as a current asset, identified as Restricted cash on the consolidated balance sheet. The Restricted cash balance plus Cash and cash equivalents on the consolidated balance sheet equals cash, cash equivalents and restricted cash, as reflected in the consolidated statements of cash flows.

F-10

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

Sales and Marketing Agreements

The Company has entered into various sales and marketing agreements pursuant to which we prepaid certain expenses to the counterparty. As of December 31, 2023, the balance of $15,000 is included in Prepaid expenses, on the accompanying consolidated balance sheet and was amortized monthly on a straight-line basis through the period ended December 31, 2024. As of December 31, 2024, the Company had no significant prepaid sales and marketing agreements.

Accounts and Other Receivables

Accounts and other receivables include reimbursement requests outstanding from cost share agreements with various entities, interest receivable and commercial accounts receivable associated with other federal projects. The reimbursement requests outstanding from DOE awards are recognized as eligible costs are incurred. Reimbursement under the awards are included in Sponsored cost share in the consolidated statements of operations.

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

In-process Research and Development

IPR&D represents incomplete research and development projects that had not reached technological feasibility as of their acquisition date in 2011. Due to the nature of IPR&D, the expected life is indefinite, and it will be evaluated periodically for attainment of technological feasibility or impairment. Technological feasibility is established when an enterprise has completed all planning, designing, coding and testing activities that are necessary to establish that a product can be produced to meet its design specifications including functions, features and technical performance requirements. IPR&D was concluded to include both fundamental and defensive technologies comprised of OSU-licensed and NuScale-owned patented and unpatented technology and trade secrets. Such technologies are designed to work together in the operation of a nuclear power module.

IPR&D is amortized over its estimated useful life once technological feasibility is reached. As the Company has not yet completed all designing, coding and testing activities, management has determined that technological feasibility has not yet been reached. Management has not identified any indicators that would suggest any impairment of the IPR&D. If IPR&D is determined not to have technological feasibility or is abandoned, it will be impaired or written off at such time.

Revenue Recognition

In addition to advancing the commercialization of its SMR, the Company 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 consolidated balance sheet. Amounts billed to clients in excess of revenue recognized are classified as a current liability under Deferred revenue.

The Company excludes from its measurement of transaction prices all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of sales.

Customer payments on contracts are typically due within 30 days of billing, depending on the contract.

F-11

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

The Company generally provides limited warranties for work performed under its engineering contracts. The warranty periods typically extend for a limited duration following substantial completion of the Company’s work on a project. Historically, warranty claims have not resulted in material costs incurred, and for the periods presented, no warranty liability has been recorded.

Sponsored Cost Share

As our commercialization activities advance, we have continued to enter into cost share agreements with various entities, including both governmental and private, under which the Company is reimbursed for specific R&D activities. As of December 31, 2024, these entities include DOE, United States Department of State and United States Trade and Development Agency (combined as “USG”), CFPP LLC and RoPower Nuclear S.A (“RoPower”).

Since 2014, the DOE has provided critical funding to the Company through a series of cooperative agreements that support ongoing commercialization activities. During the years ended December 31, 2024, 2023 and 2022, DOE cost share totaled $342, $29,320 and $72,337, respectively.

Beginning in 2021, the Company partnered with USG to develop SMRs in foreign markets. Under USG’s technical assistance grant programs, we receive cost share commitments to support licensing work in these foreign markets, one of which is additionally supported by RoPower. During the years ended December 31, 2024, 2023 and 2022, USG cost share totaled $6,204, $23,828 and $177, respectively.

Finally, we received subrecipient cost share from CFPP LLC under a contract between the DOE and UAMPS for R&D performed. Under this agreement we received cost share of $338 and $7,883 for the years ended December 31, 2024, and 2023, respectively, with no such subrecipient cost share earned prior to this year. No future amounts are expected, as the agreements between NuScale and CFPP LLC have been suspended and wind down procedures initiated.

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 short-term investments, prepaid expenses and deposits, accounts payable and accrued expenses approximates fair value due to their short maturities.

F-12

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

Property, Plant and Equipment

All additions, including betterments to existing facilities, are recorded at cost. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of the assets and the related accumulated depreciation is derecognized with any gain or loss recorded in the year of disposition.

Depreciation is based on the estimated useful lives of the assets using the straight-line method. Furniture and fixtures are depreciated over useful lives of seven years. Computer software is depreciated over useful lives of three to five years. Office and computer equipment is depreciated over useful lives of five years. Test equipment is depreciated over useful lives of five years. Leasehold improvements are depreciated over the shorter of their estimated useful life or the remaining term of the associated lease.

Long-Lived Assets

Long-lived assets including primarily property and equipment and acquired IPR&D are reviewed for impairment annually and when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. If this review indicates that the carrying amount will not be recoverable, as determined based on comparing the estimated undiscounted future cash flows to the carrying amount, impairment is measured by comparing the carrying amount to fair value.

Goodwill

Goodwill is the excess of the purchase price paid over the fair value of the net assets of a business acquired in a purchase business combination. Goodwill is not amortized but is reviewed for impairment annually, on the first day of the fourth quarter, or whenever events or changes in circumstances arise during the year that indicate the carrying amount of goodwill may not be recoverable. Impairment exists when the carrying amount of the reporting unit exceeds its fair value and an impairment loss is recognized.

Warrant Liability

The Company accounted for the Warrants in accordance with the guidance contained in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, under which the Warrants did not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classified the Warrants as liabilities at their fair value and adjusted the Warrants to fair value at each reporting period. This liability was subject to re-measurement at each balance sheet date until exercised or redeemed, and any change in fair value is recognized in the Company’s consolidated statements of operations. The fair value of the Warrants had been estimated using the Public Warrants’ quoted market price.

Equity-Based Compensation

Our long-term incentive plan provides for grants of nonqualified or incentive stock options, restricted stock award units (“RSU”s) and performance-based award units.

Equity-based compensation is measured using a fair value-based method for all equity-based awards. The cost of awarded equity instruments is recognized based on each instrument’s grant-date fair value over the period during which the grantee is required to provide service in exchange for the award. The determination of fair value for nonqualified or incentive stock options requires significant judgment and the use of estimates, particularly with regard to Black-Scholes assumptions such as stock price, volatility and expected option lives to value equity-based compensation, while forfeitures are recognized as incurred. The grant date fair value of RSUs is based on the closing market price of our Class A common stock on the grant date as stated on the NYSE.

The option valuation model used to calculate the Company’s options uses the treasury yield curve rates for the risk-free interest rate for a period equal to the expected option life and the simplified method to calculate the expected option life (options qualified as ‘plain vanilla’ under the provisions of Staff Accounting Bulletin 107). Volatility is determined by

F-13

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

reference to the actual volatility of several publicly traded companies that are similar to NuScale in its industry sector. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. Forfeitures are recognized as they occur. All equity-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards.

Equity-based compensation is recorded as a General and administrative expense and Other expense in the consolidated statements of operations.

Research and Development

R&D expenses represent costs incurred for designing and engineering products, including the costs of developing design tools. All research and development costs related to product development are expensed as incurred.

Advertising and Marketing

Advertising costs are expensed as incurred and are recognized as a component of general and administrative expenses on the consolidated statements of operations. Advertising costs expensed were approximately $19,976, $14,617 and $7,340 for the years ended December 31, 2024, 2023 and 2022, respectively.

Income Taxes

NuScale Corp accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that the deferred tax assets will be realized. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change.

The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return, which are subject to examination by federal and state taxing authorities. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management’s estimates of the ultimate outcome of various tax uncertainties. Once identified, the Company will recognize penalties and interest related to uncertain tax positions within the provision (benefit) for income taxes line in the accompanying consolidated statements of operations.

NuScale LLC is a limited liability company treated as a partnership for U.S. federal income tax purposes that is not subject to U.S. federal income tax. As such, its net taxable income or loss and any related tax credits are allocated to its members.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the FASB.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures.

NuScale adopted ASU 2023-07 effective December 31, 2024, on a retrospective basis. The adoption of 2023-07 did not change the way that the Company identifies its reportable segments and, as a result, did not have a material impact on the Company’s segment-related disclosures. Refer to Note 11 for further information on NuScale’s reportable segment.

F-14

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

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.

4. Equity and Loss Per Share

Noncontrolling Interests

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 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:

F-15

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)


	As of and for the year ended December 31,		As of and for the period from May 2, 2022 through December 31, 2022
	2024	2023
NuScale Corp Class A common stock
Beginning of period	76,895,166	69,353,019	41,971,380
Exchange of combined interests into Class A common stock	222,369	2,613,788	21,305,891
Issuance of Class A common stock	21,527,146	1,737,378	—
Vesting or exercise of equity awards	24,197,793	3,190,981	4,431,824
Vesting of earn out shares	—	—	1,643,924
End of period	122,842,474	76,895,166	69,353,019

NuScale LLC Class B units (NCI)
Beginning of period	154,477,032	157,090,820	178,396,711
Exchange of combined interests into Class A common stock	(222,369)	(2,613,788)	(21,305,891)
End of period	154,254,663	154,477,032	157,090,820

Total
Beginning of period	231,372,198	226,443,839	220,368,091
Issuance of Class A common stock	21,527,146	1,737,378	—
Vesting or exercise of equity awards	24,197,793	3,190,981	4,431,824
Vesting of earn out shares	—	—	1,643,924
End of period	277,097,137	231,372,198	226,443,839

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


	As of and for the year ended December 31,				As of and for the period from May 2, 2022 through December 31, 2022
	2024		2023
NuScale Corp Class A common stock
Beginning of period	33.2	%	30.6	%	19.0	%
End of period	44.3	%	33.2	%	30.6	%

NuScale LLC Class B units (NCI)
Beginning of period	66.8	%	69.4	%	81.0	%
End of period	55.7	%	66.8	%	69.4	%

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.

Members’ Equity of NuScale LLC

F-16

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

Prior to the Transaction, NuScale LLC issued equity consisting of common units and convertible preferred units (“CPU”s). Each common unit was entitled to one vote, while holders of CPUs had voting rights equivalent to the number of CPUs held multiplied by a common equivalent ratio, as defined, which was set at 100% at the time of the Company’s recapitalization in 2011. The CPUs had a 10.0% cumulative preferred return per year compounded quarterly on the unreturned preferred capital, beginning on the date such CPU was issued. In addition, NuScale LLC had mezzanine equity.

As consideration for the reverse recapitalization, 178,396,711 shares of NuScale Corp’s Class B common stock were issued. Simultaneously, all NuScale LLC units and CPUs outstanding were reclassified to Class B common stock and additional paid-in capital at carrying value, including NuScale LLC units previously presented as mezzanine equity. In addition, the accumulated preferred return was nullified upon conversion.

Loss Per Share

Basic loss per share is based on the weighted-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 and Stock Options, if any, 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 warrant 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 and represents the period where the Company had Class A and Class B common stock outstanding. Class B common stock represents a right to cast one vote per share at the NuScale Corp level, and carry 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 year ended December 31,				As of and for the period from May 2, 2022 through December 31, 2022
	2024		2023
Net loss attributable to Class A common stockholders	(136,623)		(58,362)		(25,914)
Weighted-average shares for basic and diluted loss per share	93,249,872		73,386,018		50,763,844
Basic and Diluted loss per share of Class A common stock	$	(1.47)	$	(0.80)	$	(0.51)
Anti-dilutive securities excluded from shares outstanding:
Class B common shares	154,254,663		154,477,032		157,090,820
Stock options	6,365,141		9,565,211		12,224,783
Warrants	—		18,458,701		18,458,703
Time-based RSUs	5,006,880		3,255,317		2,140,651
Total	165,626,684		185,756,261		189,914,957

F-17

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

proceeds of $71,162 and $69,218, respectively. As of December 31, 2024, we have 21,735,476 shares of Class A common stock, at an aggregate sales price up to $128,838, eligible for sale under the ATM Program.

Previous to the current ATM Program, the Company fully utilized a similar agreement under which the Company offered and sold 20,000,000 shares of the Company’s Class A common stock. During the year ended December 31, 2024, the Company issued and sold 18,262,622 shares of Class A common stock for the gross and net proceeds of $138,956 and $135,480, respectively, while during the year ended December 31, 2023, the Company issued and sold 1,737,378 shares of Class A common stock for the gross and net proceeds of $10,356 and $9,836, respectively.

During the year ended December 31, 2024, the weighted average price of Class A common shares sold equated to $9.76 per share.

Subsequent to December 31, 2024, the Company issued and sold 4,548,127 shares of Class A common stock for the gross and net proceeds of $102,416 and $99,855, respectively, under the ATM Program.

5. Warrant Liabilities

On November 19, 2024, the Company provided notice in accordance with its Warrant Agreement dated November 23, 2020, between the Company and Continental Stock Transfer & Trust Company, as warrant agent, of the redemption of all Warrants outstanding as of 5:00 p.m., New York City time, on December 19, 2024 (the “Redemption Time”). As of the Redemption Time, 599,440 Warrants were outstanding and were redeemed by NuScale for $0.01 per Warrant.

During the year ended December 31, 2024, Warrant holders exercised 17,859,261 Warrants for Class A common shares and $205,375 in cash, while during the year ended December 31, 2023, there were only nominal exchanges and 18,458,701 Warrants outstanding at year end. During the period from May 2, 2022, through December 31, 2022, 1,941,297 Warrants were exercised for Class A common shares and $22,325 in cash. There were no Warrants outstanding as of December 31, 2024.

6.Fair Value Measurement

Our Warrants were accounted for as liabilities pursuant to ASC 815-40 and were measured at fair value as of each reporting period. Changes in fair value of the Warrants are recorded in the statements of operations each period. As discussed in Note 5, Warrant Liabilities, no Warrants are outstanding as of December 31, 2024. The following table represents the Company’s financial liabilities measured at fair value on a recurring basis for the previous year:


(in thousands)	Level 1	Level 2	Level 3	Total
Warrant Liabilities:
Public Warrants	2,963	—	—	2,963
Private Placement Warrants	—	2,759	—	2,759
Total Warrant Liabilities as of December 31, 2023	2,963	2,759	—	5,722

7.Accounts and Other Receivables

Accounts and other receivables include reimbursement requests outstanding from the sponsored cost share awards, interest receivable and commercial accounts receivable associated with other federal projects. The DOE 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 consolidated statements of operations. As of December 31, 2024, and 2023, interest receivable of $1,398 and $318, respectively, was outstanding.

As of December 31, 2024, the Company recorded $1,000 in allowance for credit losses, with no allowance for the previous years reported herein. The current allowance was recorded as a result of new discussions between management and one customer, whereby the customer informed the Company that certain invoices were not likely to be paid due to a lack of

F-18

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

funding. There have been no recoveries or write off of accounts receivable in the current year. The allowance of credit loss on remaining accounts receivable balances is immaterial.

8. Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of December 31,
	2024		2023
Furniture and fixtures	$	27	$	27
Office and computer equipment	5,050		7,274
Software	11,855		14,102
Test equipment	1,165		1,165
Leasehold improvements	2,189		2,293
	20,286		24,861
Less: Accumulated depreciation	(17,909)		(20,745)
Add: Assets under development	44		—
Net property, plant and equipment	$	2,421	$	4,116

Depreciation of property, plant and equipment for the years ended December 31, 2024, 2023 and 2022 was $1,665, $2,380 and $2,521, respectively. Depreciation in the amount of $318 and $1,347 is included in G&A expenses and Other expense, respectively, for the 2024 fiscal year, $520 and $1,860, respectively, for the 2023 fiscal year and $770 and $1,751, respectively, for the 2022 fiscal year.

9. DCRA, LLM Agreement and Release Agreement

During the first quarter of 2023, we entered into the LLM Agreement with CFPP LLC. Related to this contract, the Company has subcontracted for the purchase of certain long-lead materials (“LLM”) in the amount of $55,700, that were to be used in fabrication of the NPMs as part of the DCRA with CFPP LLC. However, in November 2023, NuScale and CFPP LLC entered into the Release Agreement whereby the DCRA and LLM Agreement would be suspended, while wind down procedures and the ultimate disposition of the long-lead materials would be negotiated between the Company, CFPP LLC and DOE. As part of the Release Agreement, NuScale was required to pay $49,769 to CFPP LLC and provide a letter of credit in the amount of $5,000 for demobilization and wind down costs. This letter of credit is collateralized by $5,100 and included in the accompanying consolidated balance sheet as Restricted cash as of December 31, 2024 and 2023.

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 December 31, 2024 and 2023, NuScale has included a Long-lead material liability on the accompanying consolidated balance sheet in the amount of $32,327 and $32,323, respectively, for the estimated cost to gain 100% of the LLM, once completed. The LLM represents in-process inventory recorded at cost and is identified as Long-lead material work in process on the consolidated balance sheet in the amount of $43,388 and $36,361 as of December 31, 2024 and 2023, respectively.

10. Intangible Assets and Redeemable Common Units

In 2007, NuScale LLC entered into a patent license agreement (the “Agreement”) with OSU, which granted NuScale LLC a worldwide, exclusive license under three patents. In 2015, NuScale LLC entered into a “Purchase, Sale and License Agreement” (“PLA”) with OSU, whereby OSU sold and assigned to NuScale LLC certain patent and intellectual property rights, including the patent intellectual property rights that OSU formerly exclusively and non-exclusively licensed to NuScale LLC under the Agreement; and granted NuScale LLC a license to use, reproduce, prepare derivative works of, distribute, transmit, publicly perform and publicly display the testing data.

As consideration of this purchase, NuScale LLC issued a cash payment of $1,000 upon execution of the agreement as well as on-going $25 quarterly cash payments continuing until the earlier of (i) such time as NuScale LLC completes the sale of

F-19

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

its first commercial-scale nuclear module (exclusive of modules designated to validate the operability of a NuScale module) to a commercial customer or (ii) expiration of the term of the last valid claim under the assigned patents to expire. Additionally, NuScale LLC will make royalty payments to OSU on the sale of NuScale LLC’s first and subsequent commercial-scale nuclear modules to a commercial customer as follows:

•0.25% of the then current commercial price paid to NuScale LLC for the first twenty-four (24) NuScale modules sold to commercial customers.

•0.15% of the then current commercial price paid to NuScale LLC for the next twelve (12) NuScale modules sold to commercial customers.

Under the initial PLA, NuScale LLC granted OSU 2,750,000 NuScale LLC common units valued at a weighted average price per unit of $0.25 determined on their respective grant date. Additionally, under the updated agreement, NuScale LLC granted OSU 3,250,000 NuScale LLC common units valued at $0.45 per unit on the grant date, resulting (in addition to the cash payment of $1,000) in a value assigned to the patents of $2,462 which is being amortized on a straight-line basis over the remaining life of the patents which is estimated to be through 2034. The gross carrying amount of the patents was $2,462 for each year included in our consolidated balance sheet herein. The accumulated amortization for the years ended December 31, 2024, 2023 and 2022 are $1,757, $1,580 and $1,403, respectively. Estimated amortization expense for each of the five succeeding years is expected to be $177 per year.

Accordingly, as of December 31, 2021, the 6,000,000 NuScale LLC common units subject to possible redemption are presented as mezzanine equity, outside of Member’s Equity. Upon consummation of the Transaction, these 6,000,000 NuScale LLC common units were converted into NuScale LLC Class B units and an equivalent number of shares of NuScale Corp Class B common stock were issued and are now included in consolidated statement of changes in stockholders’ equity.

Commencing on the effective date of the Agreement and continuing until such time as NuScale LLC completes the sale of its first commercial-scale nuclear module to a commercial customer, OSU shall have the right, but not the obligation, to sell all of its then current common share holdings in NuScale Holdings and all of its then current common stock in NuScale Corp (collectively the “NuScale Shares”) to NuScale LLC if, but only if, the NRC issues a written determination that : (a) OSU’s ownership of the NuScale Shares creates a conflict of interest for OSU; and (b) OSU must divest the entirety of such NuScale Shares in order to continue performing work on NuScale LLC’s behalf for certification of the NuScale reactor design. In the event OSU exercises such option, the parties shall enter into a Share Purchase and Sale Agreement, in form and substance reasonably acceptable to each party, pursuant to which OSU would agree to sell and NuScale LLC would agree to purchase all of the NuScale Shares for a price equal to the then current market value of the NuScale Shares.

11. 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 2024 fiscal year these individuals made decisions on resource allocation, assess performance of the business and monitor budget versus actual results using Net loss, which is provided in the accompanying 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 salaries and wages, which are the significant expenses within Loss from operations and Net loss. Salaries and wages, totaled $69,130, $93,861 and $74,626 for the years ended December 31, 2024, 2023 and 2022, respectively and are included in all three of the Company’s operating expense line items on the consolidated statements of operations.

12. Revenue

As described above in note 3, the Company generally recognizes revenue either at a point in time or over time depending on the nature of the performance obligations within the contracts. As the Company moves towards commercialization of a

F-20

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

modular, scalable electric Light Water Reactor nuclear power plant, it enters into engineering, design, and licensing services contracts to assist in the development of nuclear power plants that are often unique and non-standard in nature. Identifying the separate performance obligations with the revenue contracts and determining the amount of revenue that should be recognized involves judgment due to the unique and non-standard nature of the contracts the Company enters into.

During the fourth quarter of 2024, NuScale executed a contract with Fluor, to provide sub-contract engineering and design services to support the Doicesti project FEED Phase 2. The contract has a stated contract value of $35,300. Due to a termination clause within the contract, the Company will recognize revenue over time to the extent work is performed. As required by GAAP, we constrain any portion of revenue that we do not expect to recover. We are entitled to all work performed and recognized to date under the termination clause.

NuScale has also executed contracts that include variable consideration. The variable consideration is recognized subject to appropriate constraints, as required by GAAP, to avoid a significant reversal of revenue in future periods. Management reviews the Company’s variable consideration on at least a quarterly basis. At December 31, 2024, the Company has estimated variable consideration outstanding of $5,000, all of which is expected to be recognized during 2025.

Revenue is disaggregated below by the different services currently provided by the Company:


	For the Twelve Months Ended December 31,
	2024		2023		2022
Power Plant and NPM related services	$	36,161	$	21,120	$	10,843
Energy Exploration Centers	473		673		253
Other	411		1,017		708
Total	$	37,045	$	22,810	$	11,804

13. Employee Benefits

401(k) Plan

The Company sponsors a defined contribution 401(k) Plan with Company contributions to be made at the sole discretion of the 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 for the 401(k) Plan was $2,098, $2,691 and $2,511 for 2024, 2023 and 2022, respectively.

14. Equity-Based Compensation

The total compensation expense recognized for common share options and time-based RSU awards during the years ended December 31, 2024, 2023 and 2022 was $13,642, $16,239 and $10,821, respectively. For the year ended December 31, 2024, equity-based compensation of $6,581 was included in G&A expense and $7,061 was included in Other expense, compared to $6,509 and $9,730, respectively, for the year ended December 31, 2023, and $5,197 and $5,624, respectively, for the year ended December 31, 2022.

Options to purchase common units of NuScale LLC under the Fourth Amended and Restated 2011 Equity Incentive Plan of NuScale LLC (the “Legacy Plan”) were granted, before completion of the Transaction, at an exercise price equal to the fair value of the NuScale LLC units at the date of grant. In connection with the Transaction, all outstanding options to purchase NuScale LLC units converted into options to purchase 14,742,933 shares of NuScale Corp Class A common stock with no change to the remaining vesting schedule. Shares underlying those options, and an additional 17,760,961 shares of Class A common stock issuable under the Company’s 2022 long-term incentive plan (“2022 LTIP”), were registered on a registration statement on Form S-8, filed with the SEC on July 5, 2022. Except with respect to equity awards outstanding as of the completion of the Transaction, the Legacy Plan terminated on May 2, 2022, and no further equity awards will be made, or have been made since, under the Legacy Plan.

F-21

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

Unit options granted became exercisable 25% after one year of service and on a monthly basis over three years of service thereafter. In February 2014, the Board of Managers of NuScale LLC approved amendments to NuScale LLC’s “Amended and Restated Equity Incentive Plan” and unit option agreements. The amendments generally allowed terminated and retiring employees with over five years of service to NuScale LLC an extended period of time, up to the expiration of the option, during which to exercise their fully vested options when employment ceases.

Under the Company’s 2022 LTIP, the Company granted both RSUs and common share options (“Share Options”) to employees during the year ended December 31, 2024. The Share Options become exercisable, and RSUs vest, one-third after each year of consecutive service over the three year period from the date of the award. New independent Directors receive a one-time award that vests quarterly over three years, while independent Directors receive an annual award that vests quarterly over one year.

Effective January 1, 2023, the share pool was automatically increased by 8,972,128, which is the number of shares of Class A common stock equal to four percent (4%) of the aggregate number of shares of Class A common stock and Class B common stock outstanding on December 31, 2022, excluding any such outstanding shares of Class A common

stock that were granted under the 2022 long-term incentive plan and remain unvested and subject to forfeiture as of December 31, 2022.

The Company measures the fair value of each share option grant at the date of grant using a Black-Scholes option pricing model.

Stock Options

The following table summarizes the stock options activity as of and for the period ended December 31, 2024:


		Weighted Average		Aggregate
Share Options	Number of Shares	Exercise Price		Intrinsic Value
Outstanding at December 31, 2023	9,565,211	$	4.09	$	307
Granted	2,909,375	$	3.20	$	—
Exercised	(5,214,202)	$	4.30	$	43,226
Forfeited	(636,728)	$	3.35	$	—
Expired	(258,515)	$	6.24	$	—
Outstanding at December 31, 2024	6,365,141	$	3.90	$	89,280
Exercisable at December 31, 2024	3,253,332	$	4.45	$	43,842
Vested and Expected to Vest at December 31, 2024	6,365,141	$	3.90	$	89,280

The total fair value of options that vested during 2024, 2023 and 2022 was $1,063, $3,213 and $3,673, respectively. The weighted average remaining contractual term for all options outstanding at December 31, 2024 was 5.9 years and the remaining weighted average contractual term of options exercisable was 4.0 years. The weighted-average grant date fair value of options granted for the year ended December 31, 2024 and 2022 was $3.20 and $6.29, respectively, while no options were granted during the 2023 fiscal year. The 2022 awards were granted under the Legacy Plan and required their fair value be adjusted using the exchange ratio. Prior to the Transaction, the 2022 options had no intrinsic value. Cash received for the exercise of stock options for the years ended December 31, 2024, 2023 and 2022 totaled $22,405, $6,291

F-22

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

and $7,224, respectively. Total unrecognized stock option expense as of December 31, 2024 was $3,885 with a weighted-average period over which it is expected to be recognized of 1.1 years.

The assumptions used in determining the fair value of options granted during the years ended 2024 and 2022 are below, while no options were granted during the 2023 fiscal year:


	2024	2022
Risk-free interest rate	4.26%	1.44%
Expected dividend yield	NA	NA
Expected option life	6.00 years	6.25 years
Expected price volatility	75.37%	73.98%

Time-based RSUs

The following table summarizes the activity of our time-based RSUs as of and for the year ended, December 31, 2024:


		Weighted Average
Time-based RSUs	Number of RSUs	Grant-Date Fair Value
Outstanding at December 31, 2023	3,255,317	$	10.02
Granted	4,685,747	3.33
Vested	(1,119,972)	9.89
Forfeited/Expired	(1,814,212)	6.79
Outstanding at December 31, 2024	5,006,880	$	4.95

The fair value of the RSUs that vested during the year ended December 31, 2024 and 2023 totaled $11,072 and $6,016 with only a nominal value in 2022. Total unrecognized RSU expense as of December 31, 2024, was $15,738 with a weighted-average period over which it is expected to be recognized of 0.9 years.

On February 28, 2025, under the Company’s 2022 long-term incentive plan, the Board of Directors approved 1,611,357 employee time-based RSU awards, with an aggregate fair value of $27,699, that vest one-third annually starting in February 2026 for a period of three years.

Common Unit Appreciation Rights

In 2013, NuScale LLC granted its Chief Executive Officer 1,000 common unit appreciation rights (“UARs”). The UARs vested one-third each year on the anniversary of the grant date. Upon exercise of a UAR, the holder would receive common units equal to the excess of the fair value of the common units over the strike price of $0.11 at the grant date multiplied by the number of rights exercised and divided by the fair value of the common unit upon exercise. In February 2022, the NuScale LLC Board of Managers approved a $1,540 cash payment (paid during the three months ended June 30, 2022) in lieu of equity issuance related to the UARs, which triggered recognition of $1,490 of equity-based compensation expense, included in G&A expenses.

15. Income Taxes

As of December 31, 2024, NuScale Corp holds 44.3% of the economic interest in NuScale LLC, which is treated as a partnership for U.S. federal income tax purposes. As a partnership, NuScale Power, LLC is itself generally not subject to U.S. federal income tax under current U.S. tax laws as its net taxable income (loss) and any related tax credits are passed through to its members and included in their tax returns, even though such net taxable income (loss) or tax credits may not have actually been distributed. NuScale Power Corp is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to its distributive share of the net taxable income (loss) and any related tax credits of NuScale

F-23

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

Power, LLC. For the days and periods prior to the Transaction, NuScale Power, LLC was a partnership. As such, its net taxable loss and any related tax credits were allocated to its members.

The Company incurred $1,935 in foreign withholding tax expense for the year ended December 31, 2024, while incurring no income tax expense for the 2023 and 2022 fiscal years. Of this amount, the majority of the income tax expense was incurred in the country of Romania, with only a nominal amount paid to a separate foreign taxing authority. NuScale has not incurred any domestic income tax expense in any year included herein.

A reconciliation of income tax expense with amounts computed at the federal statutory tax rate is as follows:


	Year Ended December 31, 2024		Year Ended December 31, 2023

Computed tax (21%)	$	(72,755)	$	(37,824)
Income tax benefit attributable to NCI	$	43,902	$	25,568
Change in valuation allowance	$	11,050	$	20,048
State income tax benefit, net of effect on federal tax	$	(1,700)	$	(2,831)
Non-deductible loss on warrants	$	19,259	$	—
Foreign withholding taxes	$	1,935	$	—
Other, net (none in excess of 5% of computed tax)	$	244	$	(4,961)
Income tax expense	$	1,935	$	—

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Non-current deferred tax assets (liabilities) were as follows:


Deferred Taxes	Year Ended December 31, 2024		Year Ended December 31, 2023
Deferred Tax Assets:
Investment in NuScale Power LLC	$	219,197	$	142,472
Net operating loss and credit carryforwards	$	30,035	$	11,919
Capital loss	$	69	$	—
Accrued Expenses	$	203	$	62
Stock Compensation	$	17	$	7
Total deferred tax assets	$	249,521	$	154,460
Valuation allowance	$	(249,521)	$	(154,460)
Total	$	—	$	—

Deferred Tax Liabilities (none noted)

Net deferred tax asset	$	—	$	—

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. In making such a determination, the Company considered all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent results of operations. A significant piece of objective negative evidence evaluated was the cumulative loss incurred by NuScale Power, LLC over the three year period ended December 31, 2024. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. After consideration

F-24

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

of all these factors, the Company has recorded a full valuation allowance against the deferred tax assets at NuScale Power Corp as of the Transaction and as of December 31, 2024, which will be maintained until there is sufficient evidence to support the reversal of all or some portion of these allowances. The initial recognition of the Company’s deferred tax assets and valuation allowance in connection with the Transaction was recorded to “Additional paid-in capital” on the consolidated balance sheet. As noted above, the valuation allowance completely offset the deferred tax assets of NuScale Power Corp, which resulted in a net zero impact to the Company’s consolidated balance sheet as of the Transaction.

As of December 31, 2024, the Company had tax effected U.S. federal net operating loss (“NOL”) and credit carryforwards totaling $25,415, which do not expire, as well as state NOL carryforwards totaling $4,620, which have various expiration dates extending through 2042. Under IRC Section 382, when a corporation undergoes an ownership change, its capacity to utilize historic net operating loss carryforwards against post-change taxable income or tax liability might be limited. Based on the number of Class A common shares sold and the exercise of the Warrants during the 2024 fiscal year, it is likely that the Company does have a limitation under IRC Section 382. Although the impact is still being evaluated, if an ownership change occurred in 2024, it is likely that the amount of NOL that could be deducted in each subsequent year would be reduced.

The Company recognizes the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. To the extent the Company’s assessment of such tax positions changes, the change in estimate will be recorded in the period in which the determination is made. As of December 31, 2024, the Company has not recorded any uncertain tax positions, as well as any accrued interest and penalties on the consolidated balance sheet. During the year ended December 31, 2024, the Company did not record any interest and penalties in the consolidated statements of operations.

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.

16. Related Party Transactions

From time to time, the Company enters into strategic agreements with Fluor, whereby Fluor or NuScale perform services for one another. For the years ended December 31, 2024, 2023 and 2022, NuScale incurred expenses for services by Fluor of $4,074, $32,875 and $31,289, respectively. While NuScale had owed no amounts to Fluor as of December 31, 2024, as of December 31, 2023, NuScale owed Fluor, as Accounts payable and accrued expenses on the consolidated balance sheet, amounts totaling $4,080. For the years ended December 31, 2024, 2023 and 2022, NuScale earned revenue from Fluor of $4,225, $16,897 and $8,550, respectively. As of December 31, 2024 and 2023, Fluor owes NuScale $3,655 and $2,642, respectively, amounts which are included in Accounts and other receivables on the consolidated balance sheet.

For the years ended December 31, 2024, 2023 and 2022, revenue earned from Fluor accounted for 11.4%, 74.1% and 72.4%, respectively, of total revenue.

17. Commitments and Contingencies

F-25

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

and the other defendants filed a reply on February 14, 2023. A hearing on the motions to dismiss was held on May 17, 2023. On August 3, 2023, the Magistrate Judge issued a report and recommendation that recommended that NuScale LLC’s motion to dismiss be denied. On August 17, 2023, NuScale LLC filed an objection to this report and recommendation. On November 13, 2023, the District Court Judge entered an order accepting the report and recommendation. On December 8, 2023, plaintiffs filed a motion for leave to amend their complaint, and on June 23, 2024, the Court denied this motion. Subsequent to year end, on February 13, 2025, the parties resolved the lawsuit and the complaint has been dismissed with prejudice.

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 assert 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. The Court appointed a lead plaintiff and lead counsel, and plaintiffs filed an amended complaint on April 18, 2024 that makes similar allegations as the original complaints. Defendants’ filed a motion to dismiss on June 17, 2024, and plaintiff filed a brief in opposition on August 1, 2024. Shortly thereafter, plaintiffs indicated they intended to seek leave to file a Second Amended Complaint to add allegations relating to the Company’s disclosure about the SEC inquiry disclosed in this Quarterly Report on Form 10-Q under Part II – Other Information, Item 1. Legal Proceedings. Defendants consented to plaintiffs’ request to amend, with the express caveat that defendants believed the proposed amendment to be futile and defendants would move to dismiss any Second Amended Complaint, including any new allegations. On September 20, 2024, plaintiffs filed the Second Amended Complaint, and on November 1, 2024, defendants moved to dismiss. Plaintiffs responded to Defendants’ motion to dismiss on December 17, 2024, and Defendants filed a reply in support of their motion to dismiss on January 24, 2025. The motion is now pending and awaiting a decision. While no assurance can be given as to the ultimate outcome of this matter, the Company does not believe it is probable that a loss will be incurred and the Company has not recorded any liability as a result of these actions.

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 $32,327.

On December 20, 2024, NuScale entered into a purchase commitment for additional material to support the development of future NPMs in the amount of $69,289. Under this commitment, the Company will pay $24,251 during the 2025 fiscal year, $34,645 during the 2026 fiscal year and $10,393 during the 2027 fiscal year.

Effective January 1, 2025, the Company entered into sales and marketing agreements in the amount of $34,800 for services to be performed ratably over the 2025 fiscal year.

F-26

NuScale Power Corporation

Notes to the Consolidated Financial Statements

(in thousands, except shares and per share amounts)

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 $7,363.

F-27

EXHIBIT 4.1

DESCRIPTION OF REGISTRANT’S SECURITIES

The following summary of certain provisions of the capital stock of NuScale Power Corporation, a Delaware corporation (“NuScale Corp”, the “Company”, “we”, “us”, or “our”), and the non-voting Class B Units (“NuScale LLC Class B Units”) of NuScale Power, LLC, an Oregon limited liability company (“NuScale LLC”), does not purport to be complete and is subject to: (i) NuScale Corp’s certificate of incorporation (the “Charter”); (ii) NuScale Corp’s bylaws (the “Bylaws”, and together with the Charter, the “Organizational Documents”); (iii) the Amended and Restated Registration Rights Agreement, dated May 2, 2022, among NuScale Corp, Spring Valley Acquisition Sponsor, LLC, SV Acquisition Sponsor Sub, LLC, and certain members of NuScale LLC and stockholders of NuScale Corp (the “Registration Rights Agreement”); (iv) the Sixth Amended and Restated Limited Liability Company Agreement of NuScale LLC, dated May 2, 2022, among NuScale Corp, NuScale LLC, and the members of NuScale LLC (the “A&R NuScale LLC Agreement”); and (v) the provisions of applicable law.

Authorized Capitalization

General

Our Charter authorizes the issuance of 512,000,000 shares of capital stock, par value $0.0001 per share, of NuScale Corp, consisting of:

•332,000,000 shares of Class A common stock (“Class A Common Stock”);

•179,000,000 shares of Class B common stock (“Class B Common Stock, and together with Class A Common Stock, “Common Stock”); and

•1,000,000 shares of preferred stock (“NuScale Corp Preferred Stock”).

The following summary describes all material provisions of our capital stock. We urge you to read the Charter, the Bylaws, the Registration Rights Agreement, and the A&R NuScale LLC Agreement for further details.

Common Stock

Class A Common Stock

Voting rights. Each holder of Class A Common Stock is entitled to one vote for each share of Class A Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote. The holders of Common Stock will vote together as a single class on all matters (or, if any holders of NuScale Corp Preferred Stock are entitled to vote together with the holders of Common Stock, as a single class with the holders of NuScale Corp Preferred Stock); provided, that the holders of the outstanding shares of Class A Common Stock will be entitled to vote separately upon any amendment to the Charter (including by merger, consolidation, reorganization or similar event) that would alter or change the powers, preferences or special rights of Class A Common Stock in a manner that is disproportionately adverse compared to Class B Common Stock.

Subject to the rights of the holders of any one or more series of NuScale Corp Preferred Stock then outstanding, the number of authorized shares of Class A Common Stock may be increased or decreased by the affirmative vote of the holders of a majority of the total voting power of the outstanding shares of capital stock of NuScale Corp entitled to vote thereon, voting together as a single class, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law of the State of Delaware (the “DGCL”), and no vote of the holders of Class A Common Stock voting separately as a class will be required therefor; provided, that the number of authorized shares of any particular class may not be decreased below the number of shares of such class then outstanding, plus the number of shares of Class A Common Stock issuable in connection with (x) the exchange of all outstanding NuScale LLC Class B Units, and the cancellation of all Class B Common Stock, pursuant to the A&R NuScale LLC Agreement

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and (y) the exercise of outstanding options, warrants, exchange rights, conversion rights or similar rights for Class A Common Stock.

Holders of Class A Common Stock do not have the ability to cumulate votes for the election of directors. The Charter does not require the election of the directors to be by written ballot.

Notwithstanding the foregoing, to the fullest extent permitted by law and subject to the Charter, holders of shares of Class A Common Stock, as such, will have no voting power with respect to, and will not be entitled to vote on, any amendment to the Charter (including any certificate of designations relating to any series of NuScale Corp Preferred Stock) that relates solely to the terms of any outstanding NuScale Corp Preferred Stock if the holders of such NuScale Corp Preferred Stock are entitled to vote as a separate class thereon under our Charter (including any certificate of designations relating to any series of NuScale Corp Preferred Stock) or pursuant to the DGCL.

Dividend Rights. Subject to applicable law and the rights, if any, of the holders of any outstanding series of NuScale Corp Preferred Stock or any class or series of stock having a preference senior to or the right to participate with 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 Class A Common Stock out of the assets of the Company that are by law available therefor, at the times and in the amounts as NuScale Corp’s board of directors (the “Board”) in its discretion may determine.

Rights upon liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of NuScale Corp, after payment or provision for payment of the debts and other liabilities of NuScale Corp and of the preferential and other amounts, if any, to which the holders of NuScale Corp 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 NuScale Corp available for distribution ratably in proportion to the number of shares of Class A Common Stock.

Other rights. Except as provided in the Registration Rights Agreement (as applicable), the holders of Class A Common Stock will have no preemptive or conversion rights or other subscription rights. There will be no redemption or sinking fund provisions applicable to Class A Common Stock. The rights, preferences and privileges of holders of Class A Common Stock will be subject to those of the holders of any shares of the NuScale Corp Preferred Stock that NuScale Corp may issue in the future and to the Registration Rights Agreement, as applicable.

Subject to the transfer and exchange restrictions set forth in the A&R NuScale LLC Agreement, holders of NuScale LLC Class B Units may exchange them for shares of Class A Common Stock (or cash), subject to certain restrictions.

Class B Common Stock

Shares of Class B Common Stock have no economic rights, and entitle the holder only to cast one vote per share on matters submitted to the stockholders of NuScale Corp. Each share of Class B Common Stock is paired with one NuScale LLC Class B Unit. The voting rights of Class B Common Stock are intended to be identical to the voting rights of Class A Common Stock.

Voting Rights. Each holder of Class B Common Stock is entitled to one vote for each share of Class B Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote. The holders of Common Stock vote together as a single class on all matters (or, if any holders of NuScale Corp Preferred Stock are entitled to vote together with the holders of Common Stock, as a single class with the holders of NuScale Corp Preferred Stock); provided, that the holders of the outstanding shares of Class B Common Stock are entitled to vote separately on any amendment to the Charter (including by merger, consolidation, reorganization or similar event) that would alter or change the rights of Class B Common Stock in a manner that is disproportionately adverse compared to Class A Common Stock.

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Subject to the rights of the holders of any one or more series of NuScale Corp Preferred Stock then outstanding, the number of authorized shares of Class B Common Stock may be increased or decreased by the affirmative vote of the holders of a majority of the total voting power of the outstanding shares of capital stock of NuScale Corp entitled to vote thereon, voting together as a single class, irrespective of the provisions of Section 242(b)(2) of the DGCL, and no vote of the holders of Class B Common Stock voting separately as a class will be required therefor.

Holders of Class B Common Stock do not have the ability to cumulate votes for the election of directors. Our Charter does not require the election of the directors to be by written ballot.

Notwithstanding the foregoing, to the fullest extent permitted by law and subject to our Charter, holders of shares of Class B Common Stock, as such, will have no voting power with respect to, and will not be entitled to vote on, any amendment to the Charter (including any certificate of designations relating to any series of NuScale Corp Preferred Stock) that relates solely to the terms of any outstanding NuScale Corp Preferred Stock if the holders of such NuScale Corp Preferred Stock are entitled to vote as a separate class thereon under the Charter (including any certificate of designations relating to any series of NuScale Corp Preferred Stock) or pursuant to the DGCL.

Dividend Rights. Except in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of NuScale Corp, dividends of cash or property may not be declared or paid on shares of Class B Common Stock, and then, only to the extent of the par value thereof.

Rights upon liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of NuScale Corp, holders of shares of Class B Common Stock will not be entitled to receive, with respect to such shares, any assets of NuScale Corp in excess of the par value thereof.

Other rights. To the extent NuScale LLC Class B Units are issued pursuant to the A&R NuScale LLC Agreement to anyone other than NuScale Corp or a wholly owned subsidiary of NuScale Corp, 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 NuScale LLC Class B Units are issued at par.

Conversion and Retirement of Class B Common Stock. Subject to the transfer and exchange restrictions set forth in the A&R NuScale LLC Agreement and the Merger Agreement, holders of NuScale LLC Class B Units may exchange such units, together with the cancelation for no consideration of an equal number of shares of Class B Common Stock, for shares of Class A Common Stock. Notwithstanding the foregoing, 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 NuScale LLC Class B Units to the same person in accordance with the provisions of the A&R NuScale LLC Agreement. If any outstanding share of Class B Common Stock ceases to be held by a holder of a corresponding NuScale LLC Class B Unit, such share shall automatically and without further action on the part of NuScale Corp or any holder of Class B Common Stock be transferred to NuScale Corp for no consideration and retired.

A&R NuScale LLC Agreement

In its capacity as the manager of NuScale LLC, NuScale Corp controls all of NuScale LLC’s business and affairs. Any time NuScale Corp issues a share of Class A Common Stock for cash, the net proceeds received by NuScale Corp will be promptly used to acquire a Class A Unit of NuScale LLC (“NuScale LLC Class A Unit”) unless used to settle an exchange of a NuScale LLC Class B Unit for cash, as described below. Any time NuScale Corp issues a share of Class A Common Stock upon an exchange of a NuScale LLC Class B Unit or settles such an exchange for cash, NuScale Corp will contribute the exchanged unit to NuScale LLC and NuScale LLC will issue to NuScale Corp a NuScale LLC Class A Unit. If NuScale Corp issues other classes or series of equity securities, NuScale LLC will issue to NuScale Corp an equal amount of equity securities of NuScale LLC with designations, preferences and other rights and terms that are substantially the same as NuScale’s newly issued equity securities. If NuScale Corp repurchases, redeems or retires any shares of Class A Common Stock (or equity securities of other classes or series), NuScale LLC will, immediately prior to such repurchase, redemption or retirement, repurchase, redeem or retire an equal number of NuScale LLC Class A Units (or its equity securities of the corresponding

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classes or series) held by NuScale Corp, upon the same terms and for the same consideration as the shares of Class A Common Stock (or equity securities of such other classes or series) are repurchased, redeemed or retired. In addition, all membership units of NuScale LLC (“NuScale LLC Units”), as well as Class A Common Stock and Class B Common Stock, are subject to equivalent stock splits, dividends, reclassifications and other subdivisions. In the event NuScale Corp acquires NuScale LLC Class A Units without issuing a corresponding number of shares of Class A Common Stock, it will make appropriate adjustments to the exchange ratio of NuScale LLC Class B Units to Class A Common Stock.

NuScale Corp will have the right to determine when distributions will be made to holders of NuScale LLC Units and the amount of any such distributions, other than with respect to tax distributions as described below. If a distribution is authorized, except as described below, such distribution will be made to the holders of NuScale LLC Class A Units and NuScale LLC Class B Units on a pro rata basis in accordance with the number of units held by such holder.

The holders of NuScale LLC Units, including NuScale Corp, will incur U.S. federal, state and local income taxes on their proportionate share of any taxable income of NuScale LLC. Net profits and net losses of NuScale LLC will generally be allocated to holders of NuScale LLC Units (including NuScale Corp) on a pro rata basis in accordance with the number of NuScale LLC Units held by such holder; however, under applicable tax rules, NuScale LLC will be required to allocate net taxable income disproportionately to its members in certain circumstances. The A&R NuScale LLC Agreement provides for quarterly cash distributions, which we refer to as “tax distributions,” to the holders of NuScale LLC Units generally equal to the taxable income allocated to each holder of units (with certain adjustments) multiplied by an assumed tax rate. Generally, these tax distributions will be computed based on our estimate of the net taxable income of NuScale LLC allocable per NuScale LLC Unit (based on the member which is allocated the largest amount of taxable income on a per unit basis) multiplied by an assumed tax rate equal to the highest combined U.S. federal and applicable state and local tax rate applicable to any natural person residing in, or corporation doing business in, Portland, Oregon, San Francisco, California or New York, New York (whichever results in the application of the highest state and local tax rate for a given type of income) that is taxable on that income (taking into account certain other assumptions, and subject to adjustment to the extent that state and local taxes are deductible for U.S. federal income tax purposes). The A&R NuScale LLC Agreement generally requires tax distributions to be pro rata based on the ownership of NuScale LLC Class A Units and NuScale LLC Class B Units. However, if the amount of tax distributions to be made exceeds the amount of funds available for distribution, NuScale Corp shall receive a tax distribution before the other members receive any distribution and the balance, if any, of funds available for distribution shall be distributed first to the other members pro rata in accordance with their assumed tax liabilities, and then to all members (including NuScale Corp) pro rata until each member receives the full amount of its tax distribution using the individual tax rate. NuScale LLC will also make non-pro rata payments to NuScale Corp to reimburse it for corporate and other overhead expenses (which payments from NuScale LLC are not to be treated as distributions under the A&R NuScale LLC Agreement). Notwithstanding the foregoing, no distribution will be made pursuant to the A&R NuScale LLC Agreement to any unitholder if such distribution would violate applicable law or result in NuScale LLC or any of its subsidiaries being in default under any material agreement.

The A&R NuScale LLC Agreement provides that it may generally be amended, supplemented, waived or modified by NuScale Corp in its sole discretion without the approval of any other holder of NuScale LLC Units, except in the case of amendments that would modify the limited liability of a member or increase the obligation of a member to make capital contributions, adversely affect the right of a member to receive distributions or cause NuScale LLC to be treated as a corporation for tax purposes.

The A&R NuScale LLC Agreement also entitles members to exchange their NuScale LLC Class B Units, together with the cancellation for no consideration of an equal number of shares of Class B Common Stock, for shares of Class A Common Stock on a one-for-one basis or, at NuScale Corp’s election in its sole discretion, subject to certain restrictions, for cash. The exchange ratio is subject to appropriate adjustment by NuScale Corp in the event NuScale LLC Class A Units are issued to NuScale Corp without issuance of a corresponding number of shares of Class A Common Stock or in the event of certain reclassifications, reorganizations, recapitalizations or similar transactions.

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The A&R NuScale LLC Agreement permits the NuScale LLC Class B unitholders to exercise their exchange rights subject to an exchange policy containing certain timing procedures and other conditions. The A&R NuScale LLC Agreement provides that an owner will not have the right to exchange NuScale LLC Class B Units if we determine that such exchange would be prohibited by law or regulation or would violate other agreements with NuScale Corp, NuScale LLC or any of their subsidiaries to which the NuScale LLC unitholder is subject. We intend to impose additional restrictions on exchanges that we determine to be necessary or advisable so that NuScale LLC is not treated as a “publicly traded partnership” for U.S. federal income tax purposes.

The A&R NuScale LLC Agreement also provides for mandatory exchanges under certain circumstances, including at the option of NuScale LLC, if the number of NuScale LLC Class A Units and NuScale LLC Class B Units outstanding and held by its members (other than those held by NuScale Corp) is less than 15% of the outstanding NuScale LLC Class A Units and NuScale LLC Class B Units or in the discretion of NuScale Corp, with the consent of holders of at least 50% of the outstanding NuScale LLC Class B Units.

Preferred Stock

No shares of NuScale Corp Preferred Stock are currently issued or outstanding. Our Charter authorizes the Board to establish one or more series of NuScale Corp Preferred Stock in one or more classes or series and to fix the rights, preferences, privileges and related restrictions, including dividend rights, dividend rates, conversion rights, voting rights, the right to elect directors, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any class or series, or the designation of the class or series, without the approval of our stockholders; 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 NuScale Corp Preferred Stock authorized by our Charter, i.e., 1,000,000 shares of NuScale Corp Preferred Stock.

The authority of the Board to issue NuScale Corp Preferred Stock without approval of our stockholders may have the effect of delaying, deferring or preventing a change in control of our company and may adversely affect the voting and other rights of the holders of our Common Stock. The issuance of NuScale Corp Preferred Stock with voting and conversion rights may adversely affect the voting power of the holders of our Common Stock, including the loss of voting control to others. As a result of these or other factors, the issuance of NuScale Corp Preferred Stock could have an adverse impact on the market price of Class A Common Stock. At present, we have no plans to issue any NuScale Corp Preferred Stock.

Anti-Takeover Effects of Provisions of Delaware Law and our Organizational Documents

Certain provisions of our Organizational Documents could discourage potential acquisition proposals and could delay or prevent a change in control. These provisions are intended to enhance the likelihood of continuity and stability in the composition of the Board and in the policies formulated by the Board and to discourage certain types of transactions that may involve an actual or threatened change of control. These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal or proxy fight. Such provisions could have the effect of discouraging others from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of Class A Common Stock that could result from actual or rumored takeover attempts. Such provisions also may have the effect of preventing changes in our management or delaying or preventing a transaction that might benefit you or other minority stockholders.

These provisions include:

Action by Written Consent; Special Meetings of Stockholders. The DGCL permits stockholder action by written consent unless otherwise provided by our Charter. Our Charter permits stockholder action by written consent until such time as NuScale Corp is no longer a “Controlled Company” pursuant to Section 303A.00 of the New York Stock Exchange (“NYSE”) Listed Company Manual. Our Organizational Documents provide that special meetings of stockholders may be called only (i) by the chairperson of the Board, (ii) by our chief executive officer, (iii) at the direction of the Board pursuant to a written resolution adopted by a majority of the total number of directors that NuScale Corp would have if there were no vacancies, or, (iv) until such time as NuScale Corp is no longer a

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“Controlled Company” pursuant to Section 303A.00 of the NYSE Listed Company Manual, pursuant to a written resolution adopted by holders of a majority of the total voting power of the outstanding shares of capital stock of NuScale Corp entitled to vote generally in the election of directors, voting together as a single class; provided, that only proposals included in our notice of meeting may be considered at such special meetings.

Election and Removal of Directors. The DGCL provides that stockholders are not entitled to the right to cumulate votes in the election of directors unless our Charter provides otherwise. Our Charter disallows cumulative voting. Any directors or the entire Board may be removed at any time, but only for cause, upon the affirmative vote of the holders of at least a majority of the total voting power of the outstanding shares of capital stock of NuScale Corp entitled to vote generally in the election of directors, voting together as a single class. In addition, the certificate of designation pursuant to which a particular series of NuScale Corp Preferred Stock is issued may provide holders of that series of NuScale Corp Preferred Stock with the right to elect additional directors. These provisions could delay a successful tender offeror from obtaining majority control of the Board, and the prospect of that delay might deter a potential offeror.

Authorized but Unissued Shares. Delaware law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of the NYSE, which apply if and so long as the Class A Common Stock remains listed on the NYSE, require stockholder approval of certain issuances equal to or exceeding 20% of the then-outstanding voting power or then- outstanding number of shares of Class A Common Stock. Additional shares that may be issued in the future may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions. The existence of authorized but unissued and unreserved Common Stock and NuScale Corp Preferred Stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise and thereby protect the continuity of NuScale Corp management and possibly deprive stockholders of opportunities to sell their shares of Class A Common Stock at prices higher than prevailing market prices. See the “Preferred Stock” section above.

Business Combinations with Interested Stockholders. In general, Section 203 of the DGCL, an anti-takeover law, prohibits a publicly held Delaware corporation from engaging in a business combination, such as a merger, with a person or group owning 15% or more of the corporation’s voting stock, which person or group is considered an interested stockholder under the DGCL, for a period of three years following the date the person became an interested stockholder, unless (with certain exceptions) the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner.

Other Limitations on Stockholder Actions. Our Bylaws also impose procedural requirements on stockholders who wish to:

•make nominations for the election of directors;

•propose that a director be removed; or

•propose any other business to be brought before an annual or special meeting of stockholders.

Under these procedural requirements, in order to bring a proposal before a meeting of stockholders, a stockholder must deliver timely notice of a proposal pertaining to a proper subject for presentation at the meeting to our corporate secretary containing, among other things, the following:

•the stockholder’s name and address;

•the number of shares beneficially owned by the stockholder and evidence of such ownership;

•the names of all persons with whom the stockholder is acting in concert and a description of all arrangements and understandings with those persons;

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•a description of any agreement, arrangement or understanding reached with respect to shares of our stock, such as borrowed or loaned shares, short positions, hedging or similar transactions;

•a description of the business or nomination to be brought before the meeting and the reasons for conducting such business at the meeting; and

•any material interest of the stockholder in such business.

Our Bylaws set out the timeliness requirements for delivery of notice.

Limitations on Liability and Indemnification of Officers and Directors

Our Organizational Documents provide indemnification for our directors and officers to the fullest extent permitted by the DGCL. We have entered into indemnification agreements with each of our directors and executive officers that may, in some cases, be broader than the specific indemnification provisions contained under Delaware law. In addition, as permitted by Delaware law, our Charter includes provisions that eliminate the personal liability of our directors and officers for monetary damages resulting from breaches of certain fiduciary duties as a director or officer. The effect of this provision is to restrict our rights and the rights of our stockholders in derivative suits to recover monetary damages against a director or officer for breach of fiduciary duties as a director or officer.

These provisions may be held to be not enforceable for violations of the federal securities laws of the United States.

Exclusive Forum

The Charter provides that, unless the Company consents in writing to the selection of an alternative forum, (i) the sole and exclusive forum for any complaint asserting any internal corporate claims (as defined below), to the fullest extent permitted by law, and subject to applicable jurisdictional requirements, shall be the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have, or declines to accept, jurisdiction, another state court or a federal court located within the State of Delaware); and (ii) the sole and exclusive forum for any complaint asserting a cause of action arising under the Securities Act of 1933, as amended (the “Securities Act”), to the fullest extent permitted by law, shall be the federal district courts of the United States of America; provided, that the Charter’s forum selection provision does not apply to suits brought to enforce a duty or liability created by the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Charter’s forum selection provision, “internal corporate claims” means claims, including claims in the right of NuScale Corp, that are based upon a violation of a duty by a current or former director, officer, employee or stockholder in such capacity, or as to which the DGCL confers jurisdiction upon the Court of Chancery. Any person or entity purchasing or otherwise acquiring or holding any interest in any shares of NuScale Corp’s capital stock shall be deemed to have notice of and to have consented to the forum provisions in the Charter. However, it is possible that a court could find NuScale Corp’s forum selection provisions to be inapplicable or unenforceable. Although the Company believes this provision benefits it by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against the Company’s directors, officers and other employees.

Stockholder Registration Rights

The Registration Rights Agreement provides certain NuScale Corp stockholders with certain registration rights whereby, in certain circumstances, subject to certain lockup restrictions and the other terms and conditions of the Registration Rights Agreement, they have the right to require us to register under the Securities Act certain Registrable Securities (as defined in the Registration Rights Agreement). The Registration Rights Agreement will also provide for “piggyback” registration rights for certain other parties thereto, subject to certain conditions and exceptions.

Transfer Agent and Registrar

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The transfer agent and registrar for the Common Stock is Continental Stock Transfer & Trust Company.

Listing

Class A Common Stock trades on the NYSE under the symbol “SMR”.

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NuScale Human Resources Policy This NuScale Power, LLC (“NuScale”) policy is subject to modification or revision in part or in its entirety to reflect changes in conditions subsequent to the effective date of this policy. SUBJECT: EXECUTIVE SEVERANCE POLICY Review Date: _/_/2025 Severance Provisions Applicable to Executive-Level Employees [Without Employment Agreements] SECTION 1: DEFINITIONS: All terms defined in this Section and throughout the policy have the meanings given herein: (a) "Annual Incentive Plan" means the Company’s incentive plan pursuant to which annual incentives are granted, including any successor plan thereto. (b) "Board" means the governing board of the Company. (c) "Base Salary" means on the date of termination, the annual base salary then in effect for Executive (but not less than the highest annual base salary paid to Executive during any of three (3) years immediately preceding the date of Executive’s Qualifying Termination). (d) “Best Net Provision” means In the event payments to Employee pursuant to this policy (when considered with all other payments made to Employee that are subject to section 280G of the Internal Revenue Code) (the amount of all such payments, collectively, the "Severance Payment") results in Employee becoming liable for the payment of any excise taxes pursuant to section 4999 of the Code, together with any interest or penalties with respect to such excise tax ("280G Excise Tax"), then the Company will automatically reduce (the “Reduction”) Employee’s Severance Payment to the minimum extent necessary to prevent the Severance Payment (after the Reduction) from being subject to the Excise Tax, but only if, by reason of the Reduction, the after-tax benefit of the reduced Severance Payment exceeds the after-tax benefit if such Reduction were not made. If the after-tax benefit of the reduced Severance Payment does not exceed the after-tax benefit if the Severance Payment is not reduced, then the Reduction will not apply. If the Reduction is applicable, the Severance Payment will be reduced in such a manner that provides Employee with the best economic benefit and, to the extent any portions of the Severance Payment are economically equivalent with each other, each will be reduced pro rata. (e) "Bonus" means the annual incentive amount payable to Executive, if any, under the Annual Incentive Plan. (f) “Cause: as determined in the reasonable judgment of the Company, means the Employee's (i) commission of any felony or any crime involving moral turpitude or dishonesty; (ii) participation in a fraud against the Company; (iii) willful and material breach of Employee’s duties that has not been cured within thirty (30) days after written notice from the Company of

such breach; (iv) intentional and material damage to the Company’s property; (v) material violation of Company policy or (vi) material breach by Employee of his/her Employee Proprietary Information and Inventions Agreement. Executive will not be deemed to have been terminated for Cause unless and until there has been delivered to Executive written notice that Executive has engaged in conduct constituting Cause. The determination of Cause will be made by the Executive’s immediate superior to whom the executive reports. (g) "Code" means the Internal Revenue Code of 1986, as amended. (h) "Company" means NuScale, and any successor thereto which assumes and agrees to perform this Policy by operation of law, or otherwise. (i) "Compensation" means the greater of (a) the sum of Executive’s Base Salary plus pro-rated Target Bonus determined immediately prior to the date on which Qualifying Termination occurs. Such Bonus will be pro-rated as a fraction of twelve (12) for full or partial months worked by Executive for the Company during such fiscal year and will be paid to Executive, at the time and in the same manner specified in the Annual Incentive Plan. Executive’s performance relative to assigned performance metrics may also be considered in determination of payment of pro-rated earned bonus or (b) the sum of Executive’s Base Salary plus Target Bonus determined immediately following the date of the Qualifying Termination. (j) "Compensation Committee" means the Organization and Compensation Committee of the Board. (k) "Equity Plan" means any equity-compensation plan maintained by the Company or a Subsidiary under which Executive received equity-based awards, such as stock options, restricted stock units, performance units or restricted stock. (l) "IRS" means the Internal Revenue Service. (m) “Qualifying Termination” means any termination of Executive’s employment with the Company or any Affiliate due to Executive’s involuntary termination of employment without Cause, if such termination of employment is a “separation from service” (within the meaning of section 409A of the Code and Treasury Regulation § 1.409A-1(h)(3) (or any successor regulations or guidance thereto). (n) "Subsidiary" means any entity in which the Company, directly or indirectly, possesses 50% or more of the total combined voting power of all classes of its stock. (o) "Target Bonus" means Executive’s target incentive award opportunity under the Annual Incentive Plan in effect for the year with respect to which the target bonus amount is being determined or, if no such plan is then in effect, for the last year in which such a plan was in effect. (p) "Waiver and Release" means a legal document, substantially in the form attached hereto as Attachment A, in which Executive, in exchange for severance benefits described in Section 2, among other things, releases the Company, its Subsidiaries and their Affiliates, their respective directors, officers, employees and agents, and their respective employee benefit

plans and the fiduciaries and agents of said plans from liability and damages in any way related to Executive’s employment with or separation from the Company. (q) "Welfare Benefit Coverage" means each of the group medical, dental and vision benefit coverages provided by the Company in which Executive and Executive’s eligible dependents, if any, are participating immediately preceding the date of Executive’s Qualifying Termination. SECTION 2: SEVERANCE FOLLOWING QUALIFYING TERMINATION If Executive experiences a Qualifying Termination [section 1 (m)], then, subject to the Waiver and Release requirement in Section 2(i) below, Executive will be entitled to receive, as additional compensation for services rendered to the Company (including its Subsidiaries and Affiliates), the following severance benefits: (a) Cash Severance Amount: A lump sum cash payment in an amount equal to one (1) times Executive’s Compensation, subject to applicable withholding for income and employment taxes. Such cash severance payment will be paid by the sixtieth (60th) day following Executive’s Qualifying Termination, but only if the Waiver and Release described in Exhibit A has been timely executed and returned and the Waiver and Release Revocation Period has expired. (b) Accrued Obligations: Executive will be entitled to payment of all accrued Base Salary, accrued time off and any other accrued and unpaid obligations as of the date of the Qualifying Termination. Such accrued obligations will be paid in a lump sum, subject to applicable withholding for income and employment taxes, as soon as practicable following the date of Executive’s Qualifying Termination in accordance with the Company’s normal payroll policies and practices. (c) Welfare Benefit Coverage: Executive will be entitled to continued Welfare Benefit Coverage on the same basis as similarly situated active executives of the Company for Executive and his or her eligible dependents for a period of twelve (12) months. Executive and his or her covered dependents, if any, will be required to pay on an after-tax basis that portion of the premium cost paid by similarly situated executives for active employee coverage to retain such coverages and the Company paid portion of the premium for such coverages will be imputed as income and reported as wages to Executive. In all other respects Executive and his or her dependents will be treated the same as other participants under the terms of such plans. The Welfare Benefit Coverage provided to Executive and his or her dependents pursuant to this Section 2(d) will run concurrently with any continued coverage available to Executive and dependents under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), and Executive and such dependents will be provided with notice of their COBRA rights, if any, within 30 days of termination of employment. (d) Equity Compensation Adjustments. Upon a Qualifying Termination, (i) any equity-based compensation awards, other than performance-based equity awards, granted to Executive by the Company under an Equity Plan prior to such termination that are outstanding will vest subject to the vesting or retirement vesting provisions provided in the individual equity grant

agreements; and (ii) to the extent that equity awards are subject to further vesting, such unvested award would be forfeited. (e) Retention Awards. Upon a Qualifying Termination any outstanding retention awards granted to Executive which are outstanding will become immediately vested and settled pursuant to their terms, subject to the requirements of section 409A of the Code, to the extent applicable. (f) Waiver and Release Requirement. Payment of the benefits under this Section 2 is subject to Executive’s timely execution and return of the Waiver and Release to the Company, without subsequent revocation during the seven (7)-day period following such execution date (the "Waiver and Release Revocation Period"), as provided in this Section 2(i). Executive will have fifty (50) days following (i) his or her Qualifying Termination date to consider, execute and return the Waiver and Release to the Company and will then have the right to revoke the Waiver and Release during the Waiver and Release Revocation Period. If Executive fails to timely execute and return the Waiver and Release [Exhibit A] to the Company or revokes such Waiver and Release during the Waiver and Release Revocation Period, then Executive will forfeit, and will not be entitled to, any of the benefits described in this Section 2 (other than the amounts described in Section 2(b). SECTION 3: APPLICABLE LAW The validity, interpretation, construction and performance of this Policy will be governed by and construed in accordance with the substantive laws of the State of Oregon, including the Oregon statute of limitations, but without giving effect to the principles of conflict of laws of such State. SECTION 4: SEVERABILITY If a court of competent jurisdiction determines that any provision of this Policy is invalid or unenforceable, then the invalidity or unenforceability of that provision will not affect the validity or enforceability of any other provision of this Policy and all other provisions will remain in full force and effect. SECTION 5: WITHHOLDING OF TAXES The Company may withhold from any benefits payable under this Policy all federal, state, city or other taxes as may be required pursuant to any law or governmental regulation or ruling. SECTION 6: NO EMPLOYMENT AGREEMENT Nothing in this Policy changes the at will nature of Executive’s employment, nor will it give Executive any rights to (or impose any obligations for) continued employment by the Company (or any Affiliate or Subsidiary) or successor thereto, nor will it give the Company any rights (or impose any obligations) with respect to continued performance of duties by Executive for the Company (or any Affiliate or Subsidiary) or successor thereto. SECTION 7: NO ASSIGNMENT Executive’s right to receive payments or benefits hereunder will not be assignable or transferable, whether by pledge, creation of a security interest or otherwise, whether voluntary, involuntary, by operation of law or otherwise, other than a transfer by will or by the laws of descent or distribution, and in the event of any attempted assignment or transfer contrary to this

Section 7, the Company will have no liability to pay any amount so attempted to be assigned or transferred. SECTION 8: SUCCESSORS This Policy will inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. This Policy will be binding upon and inure to the benefit of the Company, its successors and assigns (including, without limitation, any company into or with which the Company may merge or consolidate). The Company agrees that it will not effectuate the sale or other disposition of all or substantially all of its assets unless either (a) the person or entity acquiring such assets or a substantial portion thereof will expressly assume by an instrument in writing all duties and obligations of the Company hereunder or (b) the Company will provide, through the establishment of a separate reserve therefor, for the payment in full of all amounts which are or may reasonably be expected to become payable to Executive hereunder. SECTION 9: DEATH In the event of Executive’s death while employed hereunder, Executive’s beneficiary (or such other person(s) specified by will, Executive estate planning documents, or applicable laws of descent and distribution) shall receive a lump sum payment within forty-five (45) days of Executive's death equal to (i) any earned and unpaid Base Salary, (ii) Executive's accrued and unused vacation, and (iii) Executive's Annual Incentive Bonus to which Executive would have been entitled, prorated to the date of Executive’s death. In addition, the Company shall pay 100% of the COBRA premium for up to 18 months of continuation coverage under the Company's group health plan for the Executive's surviving spouse and any dependent children, provided they were covered under the Company's group health plan on the date of Executive's death and timely elect COBRA continuation coverage. Notwithstanding the foregoing, the COBRA subsidy shall terminate and the Company shall have no further obligation upon the earlier of (i) the date COBRA coverage terminates, and (ii) the date such subsidy may, in the Company's discretion, violate the nondiscrimination rules of or result in the imposition of penalties under the Affordable Care Act and the regulations and guidance promulgated thereunder or any other applicable law. Notwithstanding the provision in Section 11.e, any options granted to Executive pursuant to an Equity Incentive Plan shall, in the event of Executive’s death while employed, be transferred to Executive’s beneficiary (or such other person(s) specified by will, Executive estate planning documents, or applicable laws of descent and distribution). The Equity Incentive Plan then in effect will control when and whether such options have vested and whether and how they may be exercised. SECTION 10: PAYMENT OBLIGATIONS ABSOLUTE Except for the requirement of Executive to execute and return to the Company a Waiver and Release in accordance with Section 2, the Company’s obligation to pay (or cause one of its Affiliates or Subsidiaries to pay) Executive the amounts and to make the arrangements provided herein will be absolute and unconditional and will not be affected by any circumstances, including, without limitation, any set off, counter claim, recoupment, defense or other right which

the Company (including its Affiliates and Subsidiaries) may have against Executive or anyone else. All amounts payable by the Company (including its Affiliates and Subsidiaries hereunder) will be paid without notice or demand. Executive will not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any provision of this Policy, and, subject to the restrictions in Section 8, the obtaining of any other employment will in no event affect any reduction of the Company’s obligations to make (or cause to be made) the payments and arrangements required to be made under this Policy. Notwithstanding the foregoing, in the event of a material restatement of the Company’s financial results, or as otherwise required by law, the Board or a Board committee will evaluate the circumstances and may, in its discretion, recover from Employee the portion of any performance-based compensation earned by that Employee during the fiscal periods materially affected by the restatement that would not have been earned had performance been measured on the basis of the restated results, regardless of fault. SECTION 11: DISPUTE RESOLUTION a. Mediation. In the event of any dispute or claim arising out of, in connection with, or related to this Policy, the parties shall first meet and confer in good faith to fairly and equitably resolve the dispute. Such meeting shall occur within seven days of the date of notice implementing this dispute resolution process. If the parties cannot resolve the issue within 10 days following such meeting, then they shall mediate the matter within 30 days after their meeting, under the auspices of Arbitration Service of Portland ("ASP"), or if that entity fails or declines to serve, such other similar service or organization as agreed by the parties to this Policy. b. Arbitration. Should the parties be unable to resolve any such dispute through such mediation, they agree that binding arbitration shall be the exclusive remedy for any such claim or dispute. Any arbitration shall be conducted through ASP in Portland, Oregon, using a single arbitrator agreed upon by the parties, or if the parties are unable to agree on an arbitrator, selected by the parties alternatively striking names off a list of seven arbitrators provided by ASP. Such arbitration shall be conducted under the employment arbitration rules of ASP. Advance costs of the arbitration shall be divided equally between the parties. If the arbitrator finds, based on all the facts and circumstances, that the conduct of or the claims made by a party were unreasonable or substantially without merit, the prevailing party shall be entitled to recover its reasonable attorney’s fees and expenses (including expert witness fees) incurred in connection with the arbitration and any subsequent litigation, together with the costs of the arbitration, from the party asserting unreasonable or meritless claims, in addition to all other remedies provided in law or in equity. Judgment on the arbitration award may be entered by any court of competent jurisdiction. Should any party to this Policy institute any legal action or administrative proceeding against the other with respect to any Claim or arbitrable dispute related to this Policy without first engaging in binding arbitration as provided herein, the responding party shall be entitled to recover from the initiating party all damages, costs, expenses, and attorney’s fees incurred as a result of that breach. SECTION 12: 409A This Policy is intended to comply with, or satisfy an exemption from, section 409A of the Code, as specified below. Accordingly, this Policy will be interpreted and operated consistent with such requirements of section 409A in order to avoid the application of penalty taxes under section 409A to the extent reasonably practicable.

Notwithstanding any provision of this Policy to the contrary, if Executive is a “specified employee” within the meaning of section 409A of the Code as of Executive’s Qualifying Termination date, then any amounts or benefits which are payable under this Policy upon Executive’s "separation from service" (within the meaning of section 409A), other than due to death, which are subject to the provisions of section 409A and not otherwise excluded under section 409A, and would otherwise be payable during the first six (6)-month period following such separation from service, will be paid on the day that is (a) six (6) months and one (1) day after the date after Executive’s Qualifying Termination date or (b) follows Executive’s date of death, if earlier. The cash severance benefits in Section 2(a), the accrued obligations under Section 2(b), and the welfare benefit coverage under Section 2(c) are intended to be excluded from section 409A (but if deemed to be subject to section 409A, the welfare benefit coverage is intended to qualify as eligible reimbursement arrangements under Treasury Regulation § 1.409A-3(i)(1)(iv) and will be reimbursed in accordance with the requirements of such regulation such that any reimbursements will be deemed payable at a specified time or on a fixed schedule relative to a permissible payment event). The equity compensation provided pursuant to Section 2(d) and retention awards provided pursuant to Section 2(e) are subject to section 409A of the Code to the extent provided under the applicable Equity Plan or retention award agreement, as applicable.

Approval Documentation Name/Title Signature Date Preparer Marty Kunz Approver John Hopkins Marty Kunz Digitally signed by Marty Kunz Date: 2025.02.17 16:15:53 -06'00' John Hopkins 2025.02.17 16:29:03 -08'00'

EXHIBIT A WAIVER AND RELEASE In exchange for the payment to me of the Severance Benefits described in Section 2 of the Executive Severance Policy, which I understand is incorporated herein by reference, and of other remuneration and consideration provided for in the Agreement (the "Separation Benefits"), which is in addition to any remuneration or benefits to which I am already entitled, I agree to waive all of my claims against and release (i) NuScale Power Corporation and its predecessors, successors and assigns (collectively referred to as the "Company"), (ii) all of the affiliates (including all parent companies and all wholly or partially owned subsidiaries) of the Company and their directors, officers, employees, agents, insurers, predecessors, successors and assigns (collectively referred to as the "Affiliates"), and (iii) the Company’s and its Affiliates’ employee benefit plans and the fiduciaries and agents of said plans (collectively referred to as the "Benefit Plans") from any and all claims, demands, actions, liabilities and damages arising out of or relating in any way to my employment with or separation from employment with the Company and its Affiliates other than amounts due pursuant to Section 2 or Section 3 of the Agreement and rights and benefits I am entitled to under the Benefit Plans. (The Company, its Affiliates and the Benefit Plans are sometimes hereinafter collectively referred to as the "Released Parties.") I understand that signing this Waiver and Release is an important legal act. I acknowledge that I am hereby advised in writing to consult an attorney before signing this Waiver and Release. I understand that, in order to be eligible for the Separation Benefits, I must sign (and return to the Company) this Waiver and Release. I acknowledge that I have been given at least [21] days to consider whether to accept the Separation Benefits and therefore execute this Waiver and Release. In exchange for the payment to me of the Separation Benefits, (1) I agree not to pursue a legal claim in any local, state and/or federal court regarding or relating in any way to my employment with or separation from employment with the Company and its Affiliates, and (2) I knowingly and voluntarily waive all claims and release the Released Parties from any and all claims, demands, actions, liabilities, and damages, whether known or unknown, arising out of or relating in any way to my employment with or separation from employment with the Company and its Affiliates, except to the extent that my rights are vested under the terms of any employee benefit plans sponsored by the Company and its Affiliates and except with respect to such rights or claims as may arise after the date this Waiver and Release is executed. This Waiver and Release includes, but is not limited to, claims and causes of action under: Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act of 1967, as amended, including the Older Workers Benefit Protection Act of 1990; the Civil Rights Act of 1866, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990; the Workers Adjustment and Retraining Notification Act of 1988; the Pregnancy Discrimination Act of 1978; the Employee Retirement Income Security Act of 1974, as amended; the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended; the Family and Medical Leave Act of 1993; the Fair Labor Standards Act; the Occupational Safety and Health Act; the Oregon Bureau of Labor and Industry (BOLI) regulation, claims in connection with workers’ compensation statutes; and/or contract,

tort, defamation, slander, wrongful termination or any other state or federal regulatory, statutory or common law. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law (including, without limitation, the right to file an administrative charge or participate in an administrative investigation or proceeding). Further, I expressly represent that no promise or agreement which is not expressed in this Waiver and Release has been made to me in executing this Waiver and Release, and that I am relying on my own judgment in executing this Waiver and Release, and that I am not relying on any statement or representation of the Company or its Affiliates or any of their agents. I agree that this Waiver and Release is valid, fair, adequate and reasonable, is made with my full knowledge and consent, was not procured through fraud, duress or mistake and has not had the effect of misleading, misinforming or failing to inform me. I acknowledge and agree that the Company will withhold the minimum amount of any taxes required by federal or state law from the Separation Benefits otherwise payable to me. Notwithstanding the foregoing, I do not release and expressly retain (a) all rights to indemnity, contribution, and defense, and directors and officers and other liability coverage that I may have under any statute, the bylaws of the Company or by other agreement; and (b) the right to any, unpaid reasonable business expenses and any accrued benefits payable under any Company welfare plan or tax-qualified plan. The Company encourages a culture where all persons or entities can raise concerns or report violations or suspected violations of law or regulations to governmental agencies and regulatory authorities without fear of retaliation or reprisals. I understand that I may: a. communicate, without notice to or approval by Company, with governmental agencies and regulatory authorities; b. participate in any investigation or proceeding that may be conducted by any governmental agency or regulatory authority, including providing documents or other information without notice to Company; or c. receive an award from any governmental agency or regulatory authority in connection with providing such information or participating in any investigation or proceeding. The foregoing language applies in all situations and is meant to clarify and supersede any and all prior statements, policies, procedures, or language in this Waiver and Release, as well as any other contracts or agreements made between me and the Company I acknowledge that payment of the Separation Benefits is not an admission by any one or more of the Released Parties that they engaged in any wrongful or unlawful act or that they violated any federal or state law or regulation. I acknowledge that neither the Company nor its Affiliates has promised me continued employment or represented to me that I will be rehired in the future. I acknowledge that my employer and I contemplate an unequivocal, complete and final dissolution of my employment relationship. I acknowledge that this Waiver and Release does not create any right on my part to be rehired by the Company or its Affiliates, and I hereby waive any right to future employment by the Company or its Affiliates. I understand that for a period of seven (7) calendar days following the date that I sign this Waiver and Release, I may revoke my acceptance of this Waiver and Release, provided that my written statement of revocation is received on or before that seventh day by [Name and/or Title], [address], in which case the Waiver and Release will not become effective. If I timely revoke my acceptance of this Waiver and Release, the Company will have no obligation to provide the

Separation Benefits to me. I understand that failure to revoke my acceptance of the offer within seven (7) calendar days from the date I sign this Waiver and Release will result in this Waiver and Release being permanent and irrevocable. Should any of the provisions set forth in this Waiver and Release be determined to be invalid by a court, agency or other tribunal of competent jurisdiction, it is agreed that such determination will not affect the enforceability of other provisions of this Waiver and Release. I acknowledge that this Waiver and Release sets forth the entire understanding and agreement between me and the Company and its Affiliates concerning the subject matter of this Waiver and Release and supersede any prior or contemporaneous oral and/or written agreements or representations, if any, between me and the Company or its Affiliates.

I acknowledge that I have read this Waiver and Release, have had an opportunity to ask questions and have it explained to me, am signing this Waiver and Release knowingly and voluntarily and with the advice of any attorney I have retained to advise me with respect to it, and that I understand that this Waiver and Release will have the effect of knowingly and voluntarily waiving any action I might pursue, including breach of contract, personal injury, retaliation, discrimination on the basis of race, age, sex, national origin, or disability and any other claims arising prior to the date of this Waiver and Release. I represent that I am not aware of any claim by me other than the claims that are released in this Waiver and Release. By execution of this document, I do not waive or release or otherwise relinquish any legal rights I may have which are attributable to or arise out of acts, omissions, or events of the Company or its Affiliates which occur after the date of the execution of this Waiver and Release. Executive’s Signature Executive’s Printed Name Date

CHANGE IN CONTROL PLAN THIS CHANGE IN CONTROL PLAN is effective as of , 2025 (the “Effective Date”) and is applicable to all NuScale Power Executives. It is intended to give guidance regarding possible personnel actions following a change in control. SECTION 1: DEFINITIONS All terms defined in this Section 1 will, throughout this Plan, have the meanings given herein: (a) "Annual Incentive Plan" means the Company’s incentive plan pursuant to which annual incentives are granted, including any successor plan thereto. (b) "Board" means the board of directors of the Company. (c) "Base Salary" means on the date of determination, the annual base salary then in effect for Executive (but not less than the highest annual base salary paid to Executive during any of the three (3) years immediately preceding the date of Executive’s Qualifying Termination). (d) "Bonus" means the annual incentive amount payable to Executive, if any, under the Annual Incentive Plan. (e) “Cause: as determined in the reasonable judgment of the Company, means the Employee's (i) commission of any felony or any crime involving moral turpitude or dishonesty; (ii) participation in a fraud against the Company; (iii) willful and material breach of Employee’s duties that has not been cured within thirty (30) days after written notice from the Company of such breach; (iv) intentional and material damage to the Company’s property; (v) material violation of Company policy or (vi) material breach by Employee of his/her Employee Proprietary Information and Inventions Assignment. Executive will not be deemed to have been terminated for Cause unless and until there has been delivered to Executive written notice that Executive has engaged in conduct constituting Cause. The determination of Cause will be made by the Executive’s immediate supervisor. (f) "Change in Control" means any of any of the following events: (i) 25% Ownership Change: any "person" or group (as defined in section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as modified in section 13(d) and 14(d) of the Exchange Act), together with their affiliates and associates (both as defined in Rule 12b-2 under the Exchange Act) other than (A) the Company or any of its Subsidiaries, (B) any employee benefit plan of the Company or any of its Subsidiaries, or the trustee or other fiduciary holding securities under any such employee benefit plan, (C) a company owned, directly or indirectly, by shareholders of the Company in substantially the same proportions as their ownership of the Company or (D) an underwriter temporarily holding securities pursuant to an offering of such securities becomes the

- 2 - "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, through one single transaction or group of related transactions, of more than twenty-five percent (25%) of either (1) the then-outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of the Board; provided, however, that such a twenty-five percent (25%) ownership change will not be deemed to have occurred in the event that the shareholders of the Company on the date of such ownership change continue to own at least seventy-five percent (75%) of the equity and the combined voting power of any holding company of which the Company becomes a wholly-owned direct or indirect subsidiary following such ownership change; or (ii) Board Majority Change: as the result of any cash tender or exchange offer, merger or other business combination or transaction, including a transaction described in Section 1(g)(i), (iii) or (iv) of this Plan, or any combination of the foregoing transactions (a “Transaction”), individuals who as of the date that is ninety (90) days preceding the date of the Transaction, constitute the members of the Board (the "Incumbent Directors") cease for any reason other than due to (A) death or (B) disability or mandatory retirement, as determined in accordance with applicable Company personnel policies, to constitute at least a majority of the members of the Board, provided that any director who was nominated for election or was elected with the approval of at least a majority of the members of the Board who are at the time Incumbent Directors will be considered an Incumbent Director unless such individual’s initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board; or (iii) Merger or Acquisition: the Company will have merged into or consolidated with another corporation, or merged another corporation into the Company, on a basis whereby less than fifty percent (50%) of the total voting power of the surviving corporation is represented by shares held by stockholders of the Company immediately prior to such merger or consolidation; or (iv) Asset Disposition: the consummation of a sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition if the holders of the voting securities of the Company outstanding immediately prior thereto hold securities immediately thereafter which represent more than a majority of the combined voting power of the voting securities of the acquirer, or parent of the acquirer, of such assets. (g) "Code" means the Internal Revenue Code of 1986, as amended. (h) "Company" means NuScale Power Corporation, and any successor thereto which assumes and agrees to perform this Plan by operation of law, or otherwise. (i) "Compensation" means the greater of (a) the sum of Executive’s Base Salary plus Target Bonus determined immediately prior to the date on which a Change in Control occurs, or (b) the sum of Executive’s Base Salary plus Target Bonus determined immediately prior to the date of the Qualifying Termination.

- 3 - (j) "Compensation Committee" means the Organization and Compensation Committee of the Board. (k) "Equity Plan" means any equity-compensation plan maintained by the Company or a Subsidiary under which Executive received equity-based awards, such as stock options, restricted stock units, performance units or restricted stock. (l) "Good Reason" means that within the six (6) month period preceding the Executive's termination, one or more of the following conditions arose and the Executive notified the Company of such condition within 90 days of its occurrence and the Company did not remedy such condition within 30 days: (i) a material diminution of Executive’s aggregate compensation (including, without limitation, Base Salary, or annual bonus opportunity); (ii) a material diminution of Executive’s authority, duties or responsibilities1; (iii) a material diminution of the budget over which Executive retains authority; or (iv) any other action or inaction that constitutes a material breach by the Company of the agreement under which Executive provides services (e.g., failure of successor to assume this Plan or breach of same); (m) "IRS" means the Internal Revenue Service. (n) "Qualifying Termination Within 2 Years of Change of Control" means any termination of Executive’s employment with the Company or any Affiliate that is a "Separation from Service" (within the meaning of section 409A of the Code and Treasury Regulation § 1.409A-1(h)(3) (or any successor regulations or guidance thereto)) that occurs within two (2) years after the date upon which a Change in Control occurs by reason of (a) Executive’s involuntary termination of employment without Cause or (b) Executive’s resignation from employment for Good Reason. (o) "Subsidiary" means any entity in which the Company, directly or indirectly, possesses 50% or more of the total combined voting power of all classes of its stock. (p) "Target Bonus" means Executive’s target incentive award opportunity under the Annual Incentive Plan in effect for the year with respect to which the target bonus amount is being determined or, if no such plan is then in effect, for the last year in which such a plan was in effect. (q) "Waiver and Release" means a legal document, substantially in the form attached hereto as Attachment A, in which Executive, in exchange for severance benefits described in Section 2, among other things, releases the Company, its Subsidiaries and their Affiliates, their respective directors, officers, employees and agents, and their respective employee 1 “a material diminution of Executive’s authority, duties or responsibilities; provided, however, that an event that causes Executive to have an additional layer of reporting but does not otherwise affect Executive’s position shall not be considered a material diminution of Executive’s authority, duties or responsibilities for purposes of this definition.”

- 4 - benefit plans and the fiduciaries and agents of said plans from liability and damages in any way related to Executive’s employment with or separation from the Company. (r) "Welfare Benefit Coverage" means each of the group medical, dental and vision benefit coverages provided by the Company in which Executive and Executive’s eligible dependents, if any, are participating immediately preceding the date of Executive’s Qualifying Termination. SECTION 2: SEVERANCE BENEFITS If a NuScale Executive experiences a Qualifying Termination [section 1(n) ], then, subject to the Waiver and Release requirement in Section 2(i) below, Executive will be entitled to receive, as additional compensation for services rendered to the Company (including its Subsidiaries and Affiliates), the following severance benefits: (a) Cash Severance Amount: A lump sum cash payment of 100-150% of base pay made to Executive, subject to applicable withholding for income and employment taxes. The subject amount is dependent on the level of the Executive as defined the Change in Control Policy. Such cash severance payment will be paid by the sixtieth (60th) day following Executive’s Qualifying Termination, but only if the Waiver and Release described in Section 2(i) has been timely executed and returned and the Waiver and Release Revocation Period has expired. (b) Accrued Obligations: Executive will be entitled to payment of all accrued Base Salary, accrued time off and any other accrued and unpaid obligations as of the date of the Qualifying Termination. Such accrued obligations will be paid in a lump sum, subject to applicable withholding for income and employment taxes, as soon as practicable following the date of Executive’s Qualifying Termination in accordance with the Company’s normal payroll policies and practices. (c) Pro-Rated Earned Bonus: Unless the provisions of Section 3 (regarding the successor’s failure to assume the Annual Incentive Plan) apply, Executive will be entitled to payment of the Bonus earned in accordance with the terms of the Annual Incentive Plan as acted on by the Compensation Committee during the Company’s fiscal year of the Qualifying Termination. Such Bonus will be pro-rated as a fraction of twelve (12) for full or partial months worked by Executive for the Company during such fiscal year and will be paid to Executive, at the time and in the same manner specified in the Annual Incentive Plan. (d) Welfare Benefit Coverage: Executive will be entitled to continued Welfare Benefit Coverage on the same basis as similarly situated active executives of the Company for Executive and his or her eligible dependents as defined the Change of Control Policy. Executive and his or her covered dependents, if any, will be required to pay on an after- tax basis that portion of the premium cost paid by similarly situated executives for active employee coverage to retain such coverages and the Company paid portion of the premium for such coverages will be imputed as income and reported as wages to Executive. In all other respects Executive and his or her dependents will be treated the same as other participants under the terms of such plans. The Welfare Benefit Coverage provided to Executive and his or her dependents pursuant to this Section 2(d) will run concurrently with any coverage available to Executive and such dependents are entitled to elect under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended

- 5 - ("COBRA"), and Executive and such dependents will be provided with notice of their COBRA rights, if any, within 30 days of termination. (e) Outplacement: Executive will be entitled to reimbursement of any expenses reasonably incurred by Executive during the twelve (12) month period following Executive’s Qualifying Termination for outplacement services in an amount up to twenty-five thousand dollars ($25,000). Reimbursement of such expenses will be made upon Executive’s substantiation of such outplacement expenses; provided, however, that in no event will reimbursement be made later than March 15 of the year following the year in which Executive incurs the substantiated expenses. (f) Payment of Legal Expenses. Executive will be entitled to reimbursement of any legal expenses reasonably incurred by Executive in order to obtain benefits under this Plan; provided, that, the payment of such expenses is subject to an arms-length, bona fide dispute as to Executive's right to such benefits. Such reimbursements will be made on a regular, periodic basis upon Executive’s substantiation of such legal expenses; provided, however, that in no event will reimbursement be made later than March 15 of the year following the year in which Executive incurs the expenses unless Executive is a “Specified Employee” within the meaning of section 409A of the Code and it is determined that reimbursement of such expenses is being made by reason of Executive’s "Separation from Service" (within the meaning of section 409A of the Code and Treasury Regulation § 1.409A-1(h)(3) (or any successor regulations or guidance thereto) in which case reimbursement of such expenses will not be made before the day that is six (6) months and one (1) day following Executive’s Separation from Service. The amount of legal expenses eligible for reimbursement under this Section 2(f) during a taxable year may not affect the legal expenses eligible for reimbursement in any other taxable year and the right to reimbursement under this Section 2(f) is not subject to liquidation or exchange for another benefit. The pendency of a claim by the Company that a claim or defense of Executive is frivolous or otherwise lacking merit will not excuse the Company from making periodic payments of legal expenses pursuant to this Section 2(f) until a final determination is made regarding the validity of Executive’s claim. In the event that a final determination is made that a claim asserted by Executive was frivolous, the portion of such expenses incurred by Executive as a result of such frivolous claim will become Executive’s sole responsibility and any funds advanced by the Company will be repaid to the Company. Any failure by the Company to satisfy any of its obligations under this Section 2(f) will not limit the rights of Executive hereunder. Subject to the foregoing, Executive will have the status of a general unsecured creditor of the Company and will have no right to, or security interest in, any assets of the Company or any Subsidiary or Affiliate. (g) Equity Compensation Adjustments. Unless the provisions of Section 3 (regarding the successor’s failure to assume the Equity Plan) apply, upon a Qualifying Termination in conjunction with a Change in Control, (i) any equity-based compensation awards, other than performance-based equity awards, granted to Executive by the Company under an Equity Plan prior to such termination that are outstanding will, to the extent that the terms of the Equity Plan and its associated award agreements do not provide for the immediate vesting, exercisability and/or settlement of such awards, fully vest, and (ii) any performance-based equity awards will be paid to Employee at 100% of the target value for such award, subject to the requirements of section 409A of the Code to the extent applicable.

- 6 - (h) Executive will not be entitled to any new-equity based compensation awards following the date of his or her Qualifying Termination. (i) Retention Awards. Unless the provisions of Section 3 apply (regarding the successor’s failure to assume the retention awards), upon a Qualifying Termination any outstanding retention awards granted to Executive which are outstanding will become immediately vested and settled pursuant to their terms, subject to the requirements of section 409A of the Code, to the extent applicable. (j) Waiver and Release Requirement. Payment of the benefits under this Section 2 is subject to Executive’s timely execution and return of the Waiver and Release to the Company, without subsequent revocation during the seven (7)-day period following such execution date (the "Waiver and Release Revocation Period"), as provided in this Section 2(i). Executive will have fifty (50) days following (i) his or her Qualifying Termination date to consider, execute and return the Waiver and Release to the Company and will then have the right to revoke the Waiver and Release during the Waiver and Release Revocation Period. If Executive fails to timely execute and return the Waiver and Release to the Company or revokes such Waiver and Release during the Waiver and Release Revocation Period, then Executive will forfeit, and will not be entitled to, any of the benefits described in this Section 2 (other than the amounts described in Section 2(b)). SECTION 3: TARGET BONUS PAYMENT, RETENTION AWARDS AND EQUITY CASHOUT In the event that the successor to the Company does not assume the Annual Incentive Plan, and irrespective of whether Executive incurs a Qualifying Termination, Executive will be entitled to receive a lump sum cash payment in an amount equal to the Target Bonus in effect at the time of the Change in Control, subject to applicable withholding for income and employment taxes. Such Target Bonus will be paid within five (5) business days following the date of the Change in Control. In the event the successor to the Company does not assume any outstanding retention awards as of the date of the Change in Control, then such awards will become immediately fully vested and settled at the time of such Change in Control, subject to the requirements of section 409A of the Code to the extent applicable. In the event the successor to the Company does not assume the Equity Plan or grant comparable awards in substitution of the outstanding awards under the Equity Plan as of the date of the Change in Control, then any equity-based compensation awards granted to Executive by the Company under Equity Plan and outstanding as of the date of the Change in Control, other than performance-based equity awards, will become immediately fully vested and/or exercisable and will no longer be subject to a substantial risk of forfeiture or restrictions on transferability, other than those imposed by applicable legislative or regulatory requirements, including the provisions of section 409A of the Code to the extent applicable. In the event the successor to the Company does not assume any outstanding retention awards as of the date of the Change in Control, any performance-based equity compensation awards granted to Executive by the Company under the Equity Plan and outstanding as of the date of the Change in Control will become fully vested at a rate determined under the Equity Plan as if the target performance measures were met and will be settled at the time of such Change in Control, subject to applicable legislative or regulatory requirements, including the provisions of section 409A of the Code to the extent applicable. SECTION 4: SECTION 280G (a) Adjustment for 280G Excise Tax. In the event payments to Executive pursuant to this Plan (when considered with all other payments made to Executive as a result of a Change

- 7 - in Control that are subject to section 280G of the Code) (the amount of all such payments, collectively, the "Parachute Payment") results in Executive becoming liable for the payment of any excise taxes pursuant to section 4999 of the Code, together with any interest or penalties with respect to such excise tax ("280G Excise Tax"), then the Company will automatically reduce (the “Reduction”) Executive’s Parachute Payment to the minimum extent necessary to prevent the Parachute Payment (after the Reduction) from being subject to the Excise Tax, but only if, by reason of the Reduction, the after-tax benefit of the reduced Parachute Payment exceeds the after-tax benefit if such Reduction were not made. If the after-tax benefit of the reduced Parachute Payment does not exceed the after-tax benefit if the Parachute Payment is not reduced, then the Reduction will not apply. If the Reduction is applicable, the Parachute Payment will be reduced in such a manner that provides Executive with the best economic benefit and, to the extent any portions of the Parachute Payment are economically equivalent with each other, each will be reduced pro rata. (b) Determination of Adjustment. All determinations required to be made under Section 4(a), including the after-tax benefit and calculation of the Reduction, will be made by a nationally recognized certified public accounting firm that is selected by the Company (the “Accounting Firm”), which may be the Company’s independent auditors. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change in Control or the Accounting Firm declines or is unable to serve, Executive will appoint another nationally recognized certified public accounting firm, which is reasonably agreed to by the Company, to make the determinations required hereunder (which accounting firm will then be referred to as the Accounting Firm hereunder). In the event that the Accounting Firm determines that no Excise Tax is payable by Executive, either with or without application of the Reduction under Section 4(a), then the Accounting Firm will furnish Executive with a written opinion that failure to report the Excise Tax on Executive’s applicable federal income tax return would not result in the imposition of a negligence or similar penalty. If the Reduction is applicable, the Company will provide Executive with a written summary of the portions of the Parachute Payment that will be reduced. All fees and expenses of the Accounting Firm will be borne solely by the Company. All determinations by the Accounting Firm made under this Section 4(b) will be binding upon the Company and Executive. SECTION 5: CONFIDENTIALITY Executive acknowledges that pursuant to this Plan, the Company agrees to provide Executive Confidential Information regarding the Company and the Company’s business and has previously provided him or her other such Confidential Information. In return for this and other consideration, provided under this Plan, Executive agrees that he or she will not, while employed by the Company and thereafter, disclose or make available to any other person or entity, or use for his or her own personal gain, any Confidential Information, except for such disclosures as required in the performance of Executive’s duties hereunder as may otherwise be required by law or legal process (in which case Executive will notify the Company of such legal or judicial proceeding as soon as practicable following Executive’s receipt of notice of such a proceeding, and permit the Company to seek to protect its interests and information). For purposes of this Plan, "Confidential Information" means any and all information, data and knowledge that has been created, discovered, developed or otherwise become known to the Company or any of its Affiliates, Subsidiaries or ventures or in which property rights have been assigned or otherwise conveyed to the Company or any of its Affiliates, Subsidiaries or ventures, which information, data or knowledge has commercial value in the business in which the Company is engaged, except

- 8 - such information, data or knowledge as is or becomes known to the public without violation of the terms of this Plan. By way of illustration, but not limitation, Confidential Information includes business trade secrets, secrets concerning the Company’s plans and strategies, nonpublic information concerning material market opportunities, technical trade secrets, processes, formulas, know-how, improvements, discoveries, developments, designs, inventions, techniques, marketing plans, manuals, records of research, reports, memoranda, computer software, strategies, forecasts, new products, unpublished financial information, projections, licenses, prices, costs, and employee, customer and supplier lists or parts thereof. SECTION 6: RETURN OF PROPERTY Executive agrees that at the time of leaving the Company’s employ, Executive will deliver to the Company (and will not keep in Executive’s possession, recreate or deliver to anyone else) all Confidential Information as well as all other devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, customer or client lists or information, or any other documents or property (including all reproductions of the aforementioned items) belonging to the Company or any of its Affiliates, Subsidiaries or ventures, regardless of whether such items were prepared by Executive. SECTION 7: NON-SOLICITATION AND NON-COMPETITION AND NONDISPARAGEMENT (a) Non-Solicitation. In return for the consideration provided under this Plan, including, but not limited to the Company’s agreement to provide Executive with Confidential Information (as defined in Section 6) regarding the Company and the Company’s business, Executive agrees that while employed by the Company and for one (1) year following a Qualifying Termination Executive will not, without the prior written consent of the Company, directly or indirectly, (i) hire or induce, entice or solicit (or attempt to induce, entice or solicit) any employee of the Company or any of its Subsidiaries, Affiliates or ventures to leave the employment of the Company or any of its Subsidiaries, Affiliates or ventures or (ii) solicit or attempt to solicit the business of any customer or acquisition prospect of the Company or any of its Affiliates or ventures with whom Executive had any actual contact while employed at the Company. (b) Non-Competition. Additionally, in return for the consideration provided under this Plan, including, but not limited to the Company’s agreement to provide Executive with Confidential Information regarding the Company and the Company’s business, Executive agrees that while employed by the Company and for one (1) year following a Qualifying Termination Executive will not, without the prior written consent of the Company, acting alone or in conjunction with others, either directly or indirectly, engage in any business that is in competition with the Company or accept employment with or render services to such a business as an officer, agent, employee, independent contractor or consultant, or otherwise engage in activities that are in competition with the Company. (c) Geographic Restrictions. The restrictions contained in this Section 8 are limited to the geographic areas in which Executive performed duties on behalf of the Company or about which Executive possessed Confidential Information during the twelve (12) months prior to Executive’s Qualifying Termination. (d) Nondisparagement. Executive agrees that Executive will not disparage the Company, the Board, the Company’s executives, the Company’s employees and the Company’s products or services during the term of this Plan and thereafter. The Company likewise

- 9 - agrees that it will not disparage Executive during the term of this Plan and thereafter. For purposes of this Section 8(d), disparagement does not include (i) compliance with legal process or subpoenas to the extent only truthful statements are rendered in such compliance attempt, (ii) statements in response to an inquiry from a court or regulatory body, or (iii) statements or comments in rebuttal of media stories. (e) Forfeiture Provision. If Executive violates any of the covenants and restrictions contained in this Section 8 or the confidentiality provisions of Section 6, Executive must pay to the Company the full amount of the severance benefits received by Executive pursuant to Section 2 (other than Section 2(b)) or such lesser amount as determined to be the maximum reasonable and enforceable amount by a court or arbitrator. The provisions of this Section 8(e) are in addition to any forfeiture provisions of other Company plans, programs or agreements applicable to Executive. Executive specifically recognizes and affirms that this Section 8 is a material part of this Plan without which the Company would not have entered into this Plan. Executive further covenants and agrees that if all or any part or application of this Section 8 is held or found invalid or unenforceable for any reason whatsoever by a court of competent jurisdiction or arbitrator in an action between Executive and the Company, then Executive will promptly pay to the Company the amount of the severance benefits received by Executive pursuant to Section 2, or such lesser amount as is determined to be the maximum reasonable and enforceable amount by a court or arbitrator, as applicable. (f) Reasonableness of Restrictions. Executive acknowledges that these restrictive covenants under this Plan, for which Executive received valuable consideration from the Company as provided in this Plan, including, but not limited to the Company’s agreement to provide Executive with Confidential Information regarding the Company and the Company’s business are ancillary to otherwise enforceable provisions of this Plan that the consideration provided by the Company gives rise to the Company’s interest in restraining Executive from competing and that the restrictive covenants are designed to enforce Executive’s consideration or return promises under this Plan. Additionally, Executive acknowledges that these restrictive covenants contain limitations as to time, geographical area, and scope of activity to be restrained that are reasonable and do not impose a greater restraint than is necessary to protect the goodwill or other legitimate business interests of the Company, including, but not limited to, the Company’s need to protect its Confidential Information. (g) Enforcement and Remedies. Should a court of competent jurisdiction or arbitrator find that the restrictive covenants are unreasonable, Executive and the Company agree that the court or arbitrator will revise the restrictive covenants to restrict Executive’s activities for the maximum period, scope or geographic area permitted by law. Because Executive’s services are unique and due to Executive’s receipt of the Confidential Information, Executive and the Company agree that the Company would suffer imminent, irreparable harm from a breach of this Section 8 as well as the non-disclosure provisions of Section 6 and monetary damages would not provide an adequate remedy for a breach of Sections 6 and 8. Therefore, in the event of a breach or threatened breach, the Company is entitled to specific performance, injunctive relief and/or equitable relief from a court of competent jurisdiction in order to enforce this Plan and prevent a breach of Sections 6 and 8 of this Plan.

- 10 - SECTION 7: CONFLICTS WITH OTHER PLANS AND/OR AGREEMENTS In the event that Executive becomes entitled to benefits under a prior or subsequent agreement or plan pertaining to Executive’s employment by the Company or any Subsidiary or Affiliate (other than this Plan) or the benefits to which Executive is entitled as a result of such employment and such benefits conflict with the terms of this Plan, Executive will receive the greater and more favorable of each of the benefits provided under either this Plan or such other agreement or benefits, on an individual benefit basis, provided, however, that any such other conflicting payment is payable under its terms in the same calendar year and in the same form as the corresponding benefit payable under this Plan. SECTION 8: LITIGATION ASSISTANCE Executive agrees to assist the Company with any litigation matters related to the Company or any of its Subsidiaries or Affiliates as may be reasonably requested by the Company’s Chief Legal Officer following the date of Executive’s Qualifying Termination. The Company will reimburse Executive for any reasonable travel or other business expenses incurred in connection with providing such assistance and cooperation. Executive will provide such services as an independent contractor and such services will be limited solely to those matters with which Executive is suitably experienced and knowledgeable by reason of Executive’s education, training, background and prior employment with the Company. The Company and Executive agree to work out reasonable accommodations for the provision of such assistance so that it does not unreasonably interfere with any of Executive’s personal affairs, business endeavors or future employment. The Company and Executive agree that the services provided by Executive under this Section 11, if any, will not exceed twenty percent (20%) of the average level of bona fide services performed by Executive (whether as an employee or an independent contractor of the Company) over the thirty-six (36) month period (or the full period of services to the Company if Executive has been providing services to the Company for less than thirty-six (36) months) immediately preceding Executive’s Qualifying Termination date. SECTION 9: PRIOR AGREEMENTS/MODIFICATION This Plan contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, plans or understandings, whether written or oral, between the parties with respect thereto. This Plan may be amended by an agreement in writing signed by the parties hereto; provided, however, that, in addition, (i) Executive’s Compensation may be increased at any time by the Company without in any way affecting any of the other terms and conditions of this Plan which in all other respects will remain in full force and effect, (ii) the Company may amend this Plan upon written notice to Executive in order to comply with or minimize the adverse impact of changes in the law (including, without limitation, the avoidance of new regulatory requirements applicable to welfare benefits), provided that the economic benefits of this Plan as so amended are maintained to the extent reasonably practicable and (iii) the Company may amend this Plan without the consent of Executive upon written notice to Executive, provided that the amendment is not effective until at least one year after it is communicated to Executive and a Change in Control has not occurred prior to the effective date of the amendment. The provisions of this Plan will be binding upon, and will inure to the benefit of, the respective heirs, legal representatives and successors of the parties hereto. Executive represents to the Company that he or she is not a party to any agreement or subject to any legal restriction that would prevent him or her from fulfilling his or her duties hereunder.

- 11 - SECTION 10: 409A It is the intent of the parties that the provisions of this Plan comply with, or satisfy an exemption from, section 409A of the Code, as specified below. Accordingly, the parties intend that this Plan be interpreted and operated consistent with such requirements of section 409A in order to avoid the application of penalty taxes under section 409A to the extent reasonably practicable. The Company will neither cause nor permit: (a) any payment, benefit or consideration to be substituted for a benefit that is payable under this Plan if such action would result in the failure of any amount that is subject to section 409A of the Code to comply with the applicable requirements of section 409A of the Code; or (b) any adjustments to any equity interest to be made in a manner that would result in the equity interest becoming subject to section 409A of the Code unless, after such adjustment, the equity interest is in compliance with the requirements of section 409A of the Code to the extent applicable. Notwithstanding any provision of this Plan to the contrary, if Executive is a “Specified Employee” within the meaning of section 409A of the Code as of Executive’s Qualifying Termination date, then any amounts or benefits which are payable under this Plan upon Executive’s "Separation from Service" (within the meaning of section 409A), other than due to death, which are subject to the provisions of section 409A and not otherwise excluded under section 409A, and would otherwise be payable during the first six (6)-month period following such Separation from Service, will be paid on the day that is (a) six (6) months and one (1) day after the date after Executive’s Qualifying Termination date or (b) follows Executive’s date of death, if earlier. The cash severance benefits in Section 2(a), the accrued obligations under Section 2(b), the pro- rata earned bonus under Section 2(c), the welfare benefit coverage under Section 2(d), the outplacement services under Section 2(e) and the Target Bonus payout under Section 3 are excluded from section 409A. The legal expense provision under Section 2(f) (and the welfare benefit coverage under Section 2(d) if deemed to be subject to section 409A) are intended to qualify as eligible reimbursement arrangements under Treasury Regulation § 1.409A-3(i)(1)(iv) and will be reimbursed in accordance with the requirements of such regulation such that any reimbursements will be deemed payable at a specified time or on a fixed schedule relative to a permissible payment event. The equity compensation provided pursuant to Section 2(g) and retention awards provided pursuant to Section 2(h) are subject to section 409A of the Code to the extent provided under the applicable Equity Plan or retention award agreement, as applicable. SECTION 11: APPLICABLE LAW The validity, interpretation, construction and performance of this Plan will be governed by and construed in accordance with the substantive laws of the State of Oregon, including the Oregon statute of limitations, but without giving effect to the principles of conflict of laws of such State. SECTION 12: SEVERABILITY If a court of competent jurisdiction determines that any provision of this Plan is invalid or unenforceable, then the invalidity or unenforceability of that provision will not affect the validity or enforceability of any other provision of this Plan and all other provisions will remain in full force and effect.

- 12 - SECTION 13: WITHHOLDING OF TAXES The Company may withhold from any benefits payable under this Plan all federal, state, city or other taxes as may be required pursuant to any law or governmental regulation or ruling. SECTION 14: NO EMPLOYMENT AGREEMENT Nothing in this Plan changes the at will nature of Executive’s employment, nor will it give Executive any rights to (or impose any obligations for) continued employment by the Company (or any Affiliate or Subsidiary) or successor thereto, nor will it give the Company any rights (or impose any obligations) with respect to continued performance of duties by Executive for the Company (or any Affiliate or Subsidiary) or successor thereto. SECTION 15: NO ASSIGNMENT Executive’s right to receive payments or benefits hereunder will not be assignable or transferable, whether by pledge, creation of a security interest or otherwise, whether voluntary, involuntary, by operation of law or otherwise, other than a transfer by will or by the laws of descent or distribution, and in the event of any attempted assignment or transfer contrary to this Section 18, the Company will have no liability to pay any amount so attempted to be assigned or transferred. SECTION 16: SUCCESSORS This Plan will inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. This Plan will be binding upon and inure to the benefit of the Company, its successors and assigns (including, without limitation, any company into or with which the Company may merge or consolidate). The Company agrees that it will not effectuate the sale or other disposition of all or substantially all of its assets unless either (a) the person or entity acquiring such assets or a substantial portion thereof will expressly assume by an instrument in writing all duties and obligations of the Company hereunder or (b) the Company will provide, through the establishment of a separate reserve therefor, for the payment in full of all amounts which are or may reasonably be expected to become payable to Executive hereunder. SECTION 17: DEATH In the event of Executive’s death while employed hereunder, Executive’s beneficiary (or such other person(s) specified by will, Executive estate planning documents, or applicable laws of descent and distribution) shall receive a lump sum payment within forty-five (45) days of Executive's death equal to (i) any earned and unpaid Base Salary, (ii) Executive's accrued and unused vacation, and (iii) Executive's Annual Incentive Bonus to which Executive would have been entitled, prorated to the date of Executive’s death. In addition, the Company shall pay 100% of the COBRA premium for up to 18 months of continuation coverage under the Company's group health plan for the Executive's surviving spouse and any dependent children, provided they were covered under the Company's group health plan on the date of Executive's death and timely elect COBRA continuation coverage. Notwithstanding the foregoing, the COBRA subsidy shall terminate and the Company shall have no further obligation upon the earlier of (i) the date COBRA coverage terminates, and (ii) the date such subsidy may, in the Company's discretion, violate the nondiscrimination rules of or result in the imposition of penalties under the Affordable Care Act

- 13 - and the regulations and guidance promulgated thereunder or any other applicable law. Notwithstanding the provision in Section 11.e, any options granted to Executive pursuant to an Equity Incentive Plan shall, in the event of Executive’s death while employed, be transferred to Executive’s beneficiary (or such other person(s) specified by will, Executive estate planning documents, or applicable laws of descent and distribution). The Equity Incentive Plan then in effect will control when and whether such options have vested and whether and how they may be exercised. SECTION 18: PAYMENT OBLIGATIONS ABSOLUTE Except for the requirement of Executive to execute and return to the Company a Waiver and Release in accordance with Section 2, the Company’s obligation to pay (or cause one of its Affiliates or Subsidiaries to pay) Executive the amounts and to make the arrangements provided herein will be absolute and unconditional and will not be affected by any circumstances, including, without limitation, any set off, counter claim, recoupment, defense or other right which the Company (including its Affiliates and Subsidiaries) may have against Executive or anyone else. All amounts payable by the Company (including its Affiliates and Subsidiaries hereunder) will be paid without notice or demand. Executive will not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any provision of this Plan, and, subject to the restrictions in Section 8, the obtaining of any other employment will in no event affect any reduction of the Company’s obligations to make (or cause to be made) the payments and arrangements required to be made under this Plan. Notwithstanding the foregoing, in the event of a material restatement of the Company’s financial results, or as otherwise required by law, the Board or a Board committee will evaluate the circumstances and may, in its discretion, recover from Employee the portion of any performance-based compensation earned by that Employee during the fiscal periods materially affected by the restatement that would not have been earned had performance been measured on the basis of the restated results, regardless of fault. SECTION 19: DISPUTE RESOLUTION a. Mediation. In the event of any dispute or claim arising out of, in connection with, or related to this Plan, the parties shall first meet and confer in good faith to fairly and equitably resolve the dispute. Such meeting shall occur within seven days of the date of notice implementing this dispute resolution process. If the parties cannot resolve the issue within 10 days following such meeting, then they shall mediate the matter within 30 days after their meeting, under the auspices of Arbitration Service of Portland ("ASP"), or if that entity fails or declines to serve, such other similar service or organization as agreed by the parties to this Plan. b. Arbitration. Should the parties be unable to resolve any such dispute through such mediation, they agree that binding arbitration shall be the exclusive remedy for any such claim or dispute. Any arbitration shall be conducted through ASP in Portland, Oregon, using a single arbitrator agreed upon by the parties, or if the parties are unable to agree on an arbitrator, selected by the parties alternatively striking names off a list of seven arbitrators provided by ASP. Such arbitration shall be conducted under the employment arbitration rules of ASP. Advance costs of the arbitration shall be divided equally between the parties. If the arbitrator finds, based on all the facts and circumstances, that the conduct of or the claims made by a party were unreasonable or substantially without merit, the prevailing party shall be entitled to recover its reasonable attorney’s fees and expenses (including expert witness fees) incurred in connection with the arbitration and

- 14 - any subsequent litigation, together with the costs of the arbitration, from the party asserting unreasonable or meritless claims, in addition to all other remedies provided in law or in equity. Judgment on the arbitration award may be entered by any court of competent jurisdiction. Should any party to this Plan institute any legal action or administrative proceeding against the other with respect to any Claim or arbitrable dispute related to this Plan without first engaging in binding arbitration as provided herein, the responding party shall be entitled to recover from the initiating party all damages, costs, expenses, and attorney’s fees incurred as a result of that breach. SECTION 20: TERM The term of this Plan will commence on the Effective Date and will end on the last day of the two (2) year period following a Change in Control; provided, however, that if, prior to a Change in Control, Executive ceases for any reason to be an employee of the Company, then the term will, without further action, expire, and this Plan will terminate, as of such termination date; provided, further, that if Executive exercises his or her rights under this Plan prior to the end of the two (2) year period following a Change in Control, this Plan will continue for so long as any actions are being taken by Executive, within the terms of the Plan, to enforce his or her rights hereunder. SECTION 21: COUNTERPARTS This Plan may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. NUSCALE POWER CORPORATION Approval Documentation Name/Title Signature Date Preparer Marty Kunz Approver John Hopkins Marty Kunz Digitally signed by Marty Kunz Date: 2025.02.13 17:17:11 -06'00' John Hopkins 2025.02.17 16:28:26 -08'00'

- 15 - WAIVER AND RELEASE In exchange for the payment to me of the Severance Benefits described in Section 2 of the Change in Control Plan between NuScale Power Corporation and me effective as of , 20 (the "Plan"), which I understand is incorporated herein by reference, and of other remuneration and consideration provided for in the Plan (the "Separation Benefits"), which is in addition to any remuneration or benefits to which I am already entitled, I agree to waive all of my claims against and release (i) NuScale Power Corporation and its predecessors, successors and assigns (collectively referred to as the "Company"), (ii) all of the affiliates (including all parent companies and all wholly or partially owned subsidiaries) of the Company and their directors, officers, employees, agents, insurers, predecessors, successors and assigns (collectively referred to as the "Affiliates"), and (iii) the Company’s and its Affiliates’ employee benefit plans and the fiduciaries and agents of said plans (collectively referred to as the "Benefit Plans") from any and all claims, demands, actions, liabilities and damages arising out of or relating in any way to my employment with or separation from employment with the Company and its Affiliates other than amounts due pursuant to Section 2 or Section 3 of the Plan and rights and benefits I am entitled to under the Benefit Plans. (The Company, its Affiliates and the Benefit Plans are sometimes hereinafter collectively referred to as the "Released Parties.") I understand that signing this Waiver and Release is an important legal act. I acknowledge that I am hereby advised in writing to consult an attorney before signing this Waiver and Release. I understand that, in order to be eligible for the Separation Benefits, I must sign (and return to the Company) this Waiver and Release. I acknowledge that I have been given at least [21] days to consider whether to accept the Separation Benefits and therefore execute this Waiver and Release. In exchange for the payment to me of the Separation Benefits, (1) I agree not to pursue a legal claim in any local, state and/or federal court regarding or relating in any way to my employment with or separation from employment with the Company and its Affiliates, and (2) I knowingly and voluntarily waive all claims and release the Released Parties from any and all claims, demands, actions, liabilities, and damages, whether known or unknown, arising out of or relating in any way to my employment with or separation from employment with the Company and its Affiliates, except to the extent that my rights are vested under the terms of any employee benefit plans sponsored by the Company and its Affiliates and except with respect to such rights or claims as may arise after the date this Waiver and Release is executed. This Waiver and Release includes, but is not limited to, claims and causes of action under: Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act of 1967, as amended, including the Older Workers Benefit Protection Act of 1990; the Civil Rights Act of 1866, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990; the Workers Adjustment and Retraining Notification Act of 1988; the Pregnancy Discrimination Act of 1978; the Employee Retirement Income Security Act of 1974, as amended; the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended; the Family and Medical Leave Act of 1993; the Fair Labor Standards Act; the Occupational Safety and Health Act; the Oregon Bureau of Labor and Industry (BOLI) regulation, claims in connection with workers’ compensation statutes; and/or contract, tort, defamation, slander, wrongful termination or any other state or federal regulatory, statutory or common law. ATTACHMENT A

- 16 - Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law (including, without limitation, the right to file an administrative charge or participate in an administrative investigation or proceeding). Further, I expressly represent that no promise or agreement which is not expressed in this Waiver and Release has been made to me in executing this Waiver and Release, and that I am relying on my own judgment in executing this Waiver and Release, and that I am not relying on any statement or representation of the Company or its Affiliates or any of their agents. I agree that this Waiver and Release is valid, fair, adequate and reasonable, is made with my full knowledge and consent, was not procured through fraud, duress or mistake and has not had the effect of misleading, misinforming or failing to inform me. I acknowledge and agree that the Company will withhold the minimum amount of any taxes required by federal or state law from the Separation Benefits otherwise payable to me. Notwithstanding the foregoing, I do not release and expressly retain (a) all rights to indemnity, contribution, and defense, and directors and officers and other liability coverage that I may have under any statute, the bylaws of the Company or by other agreement; and (b) the right to any, unpaid reasonable business expenses and any accrued benefits payable under any Company welfare plan or tax-qualified plan. The Company encourages a culture where all persons or entities can raise concerns or report violations or suspected violations of law or regulations to governmental agencies and regulatory authorities without fear of retaliation or reprisals. I understand that I may: a. communicate, without notice to or approval by Company, with governmental agencies and regulatory authorities; b. participate in any investigation or proceeding that may be conducted by any governmental agency or regulatory authority, including providing documents or other information without notice to Company; or c. receive an award from any governmental agency or regulatory authority in connection with providing such information or participating in any investigation or proceeding. The foregoing language applies in all situations and is meant to clarify and supersede any and all prior statements, policies, procedures, or language in this Waiver and Release, as well as any other contracts or agreements made between me and the Company. I acknowledge that payment of the Separation Benefits is not an admission by any one or more of the Released Parties that they engaged in any wrongful or unlawful act or that they violated any federal or state law or regulation. I acknowledge that neither the Company nor its Affiliates has promised me continued employment or represented to me that I will be rehired in the future. I acknowledge that my employer and I contemplate an unequivocal, complete and final dissolution of my employment relationship. I acknowledge that this Waiver and Release does not create any right on my part to be rehired by the Company or its Affiliates, and I hereby waive any right to future employment by the Company or its Affiliates. I understand that for a period of seven (7) calendar days following the date that I sign this Waiver and Release, I may revoke my acceptance of this Waiver and Release, provided that my written statement of revocation is received on or before that seventh day by [Name and/or Title], [address], in which case the Waiver and Release will not become effective. If I timely revoke my acceptance of this Waiver and Release, the Company will have no obligation to provide the

- 17 - Separation Benefits to me. I understand that failure to revoke my acceptance of the offer within seven (7) calendar days from the date I sign this Waiver and Release will result in this Waiver and Release being permanent and irrevocable. Should any of the provisions set forth in this Waiver and Release be determined to be invalid by a court, agency or other tribunal of competent jurisdiction, it is agreed that such determination will not affect the enforceability of other provisions of this Waiver and Release. I acknowledge that this Waiver and Release sets forth the entire understanding and agreement between me and the Company and its Affiliates concerning the subject matter of this Waiver and Release and supersede any prior or contemporaneous oral and/or written agreements or representations, if any, between me and the Company or its Affiliates. I acknowledge that I have read this Waiver and Release, have had an opportunity to ask questions and have it explained to me, am signing this Waiver and Release knowingly and voluntarily and with the advice of any attorney I have retained to advise me with respect to it, and that I understand

- 18 - that this Waiver and Release will have the effect of knowingly and voluntarily waiving any action I might pursue, including breach of contract, personal injury, retaliation, discrimination on the basis of race, age, sex, national origin, or disability and any other claims arising prior to the date of this Waiver and Release. I represent that I am not aware of any claim by me other than the claims that are released in this Waiver and Release. By execution of this document, I do not waive or release or otherwise relinquish any legal rights I may have which are attributable to or arise out of acts, omissions, or events of the Company or its Affiliates which occur after the date of the execution of this Waiver and Release. Executive’s Signature Executive’s Printed Name Date

PY-102375 Revision 1 Page 1 of 1 FM-0503-7607 R5 NuScale Confidential, Proprietary Class 3 Insider Trading Policy Statement: NuScale Power (NuScale) employees are responsible for not violating federal or state securities laws or this policy. NuScale designed this policy to promote compliance with the securities laws and to protect NuScale and its employees from the serious civil and criminal liabilities and penalties that can result from violations of these laws. Intent: Federal and state laws prohibit buying, selling, or making other transfers of securities by persons who have material information that is not generally known or available to the public. These laws also prohibit persons with material nonpublic information (as further described below) from disclosing this information to others who may trade. Applicability: NuScale has adopted this policy regarding trading in securities by directors and all employees of NuScale. In addition, to promote compliance with insider trading laws, it is NuScale’s policy not to engage in transactions involving NuScale’s securities in violation of insider trading laws. The term “employees,” when used in this policy, shall be deemed to also include all directors of NuScale. Expectations: Employees may not trade in the stock or other securities of any company when aware of material nonpublic information about that company. This policy against "insider trading" applies to trading in NuScale securities, as well as to trading in the securities of other companies, such as NuScale’s customers, suppliers, or firms with which NuScale may be negotiating a major transaction. Prepared by: _______________________________________________________________________ Chief Compliance Officer, Patrick Cannon Approved: _________________________________________________________________________ President and Chief Executive Officer, John Hopkins Digitally signed by Patrick Cannon Date: 2025.02.19 14:02:35 -08'00' John Hopkins 2025.02.24 08:38:47 -08'00'

CP-102374 Revision 5 Page 1 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3 Information Use Insider Trading Functional Area: Legal Organizational Area: Legal Job Title/Role/Name Signature Date Chief Compliance Officer/Preparer Patrick Cannon Chief Financial Officer/Reviewer Ramsey Hamady Job Title/Quality Approver Printed Name N/A Interim General Counsel/Approver Andrea Lachenmayr Approval of final documents signifies the document review was performed, all review comments were resolved, and becomes effective when processed to a repository (released for use). Revision Description Section 2.0 – added statement about Company policy not to engage in transactions involving the Company’s securities in violation of insider trading laws. THIS REVISION ONLY: Optional Review Job Title/Role/Name Signature Date Job Title/Reviewer Printed Name N/A Note: Refer to Approval Document Form Instructions, DI-8892-10261 for instructions to complete this form. Digitally signed by Patrick Cannon Date: 2025.02.19 12:53:14 -08'00' Ramsey Hamady 2025.02.19 15:19:18 -06'00' Digitally signed by Andrea Lachenmayr Date: 2025.02.20 12:27:05 -05'00'

CP-102374 Revision 5 Page 2 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3 CONTENTS 1.0 Purpose ............................................................................................................................ 3 2.0 Scope ............................................................................................................................... 3 3.0 Definitions and Abbreviations ....................................................................................... 3 4.0 Responsibilities ............................................................................................................... 5 4.1 Legal Department .............................................................................................................. 5 4.2 Spokespersons ................................................................................................................. 5 5.0 Instructions ...................................................................................................................... 6 5.1 No Trading While Aware of Material Nonpublic Information .............................................. 6 5.2 No "Tipping" ...................................................................................................................... 6 5.3 No Short-Term, Speculative Trading, or Hedging .............................................................. 6 5.4 Pledging of Company Securities ....................................................................................... 7 5.5 401(k) Transactions ........................................................................................................... 7 5.6 Vesting, Exercise and Tax Withholding ............................................................................. 7 5.7 Special Blackout Periods .................................................................................................. 8 5.8 Post Termination Transactions .......................................................................................... 8 5.9 Personal Responsibility and Assistance ............................................................................ 8 5.10 Regulation FD ................................................................................................................... 8 5.11 Pre-clearance Procedures and Trading Windows ........................................................... 10 6.0 References ..................................................................................................................... 12

CP-102374 Revision 5 Page 3 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3 1.0 Purpose This procedure implements the Insider Trading Policy (the “Policy”). As noted in the Policy, employees of NuScale Power (“NuScale” or the “Company”) are responsible for not violating federal or state securities laws. NuScale designed the Policy to promote compliance with the securities laws and to protect NuScale and its employees from the serious civil and criminal liabilities and penalties that can result from violations of these laws. This procedure is governed by Insider Trading, PY-102375. 2.0 Scope This procedure applies to all NuScale employees and staff augmentation personnel. In addition, to promote compliance with insider trading laws, it is the Company’s policy not to engage in transactions involving the Company’s securities in violation of insider trading laws. The restrictions set forth in this procedure and any supplement to this procedure also apply to any member of an employee’s immediate family (e.g., family members who share the same household, such as a spouse, children, stepchildren, grandchildren, parents, stepparents, grandparents, siblings, in-laws and the like), anyone else living in an employee’s household other than household employees, any family members who do not live in an employee’s household but whose transactions in company securities are directed by the employee or subject to the employee’s influence or control, such as parents or children who consult with the employee before they trade in Company securities, any entity controlled by or managed by an employee, any trusts for which an employee is the trustee or has a beneficial pecuniary interest, and anyone acting on an employee’s behalf (including any broker or plan administrator effecting transactions in NuScale stock for an employee’s account), and employees are responsible for compliance with this procedure by those persons. The employee or staff augmentation personnel and any of the foregoing are considered “covered persons.” The restrictions described in this procedure are with respect to trading in securities in which the covered person has access to material, non-public information received in the course of or as a result of working for NuScale. 3.0 Definitions and Abbreviations 3.1 Blackout period – A blackout period is a temporary interval during which access to certain actions is limited or denied. The primary purpose of blackout periods in publicly traded companies is to prevent insider trading, or trading securities with the knowledge of material, nonpublic information. 3.2 Insider – Insider is a term describing a director or senior officer of a publicly traded company (as well as any person or entity, that beneficially owns more than 10% of a company's voting shares). For purposes of insider trading, the

CP-102374 Revision 5 Page 4 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3 definition is expanded to include anyone who trades a company's shares based on material nonpublic knowledge. 3.3 Material information – Information is material if there is a substantial likelihood that a reasonable investor would consider it important in deciding whether to buy, hold, or sell a security. Remember that even if the information is not material to the Company, it may nevertheless be material to another company, and the Company’s policies apply to trading in other companies' stock. Any information that could be expected to affect the price of the security is material. Common examples of information that may be material include:  earnings information, including revenue results, contracting activity, or other revenue projections  information about a major contract (including the award of a new contract or cancellation of an existing contract)  financial projections, forecasts or budgets  information about current, proposed, or contemplated transactions or business plans (such as mergers, joint ventures, acquisitions, dispositions, financial restructurings, tender offers, acquisitions or sales of a business segment or unit, or other significant changes in assets)  new products or discoveries or significant developments regarding customers or suppliers  changes in directors, senior management or other major personnel changes  changes in dividend policy, declaration of a stock split or the proposed or contemplated issuance, redemption or repurchase of securities  extraordinary borrowing or financial liquidity problems  changes in pricing or discount policies  institution of, or developments in, major litigation, investigations, or regulatory actions or proceedings  changes in the Company's auditors or a notification from its auditors that the Company may no longer rely on the auditors' audit report  changes in control  material defaults under agreements or actions by creditors, clients, or suppliers relating to NuScale's credit rating  marketing changes  the interruption of production or other aspects of NuScale's business as a result of an accident, fire, natural disaster, pandemic or breakdown of labor negotiations, or any major shut-down  labor negotiations  major environmental incidents

CP-102374 Revision 5 Page 5 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3  cybersecurity risks or incidents  bankruptcy concerns or developments  major events regarding NuScale's securities Both positive and negative information can be material. Federal, state, and New York Stock Exchange (NYSE) investigators will scrutinize a questionable trade after the fact with the benefit of hindsight, so employees should always err on the side of deciding that the information is material and not trade. If there are any questions regarding specific information, please contact the General Counsel. 3.4 Nonpublic information – Nonpublic information is information that is not generally known or available to the public. NuScale considers information to be available to the public only when:  it has been released to the public by the Company (or with respect to one of the Company’s customers, suppliers or another company, by such company) through appropriate channels (e.g., by means of a press release or a widely disseminated statement from a senior officer)  enough time has elapsed to permit the investment market to absorb and evaluate the information. As a general rule, employees should consider information to be nonpublic until the second trading day following public disclosure. This is the case regardless of the time of day when the Company releases nonpublic information. For example, if the Company discloses material nonpublic information on February 18, 2021 (either before the market opens, during market hours, or following the market close), employees may not trade until the market opens on February 22, 2021 (the second trading day after the Company's release), so long as the employee does not have any additional material nonpublic information after such release. It is important to be aware that: (i) information learned from a source outside of the Company may still constitute nonpublic information if it has not been publicly disclosed by the Company, and (ii) even if there are widespread and correct rumors about the Company, the information that is the subject of the rumors may be nonpublic if it has not been publicly disclosed or confirmed by the Company. 4.0 Responsibilities 4.1 Legal Department The Legal Department, including General Counsel, is responsible for interpreting and enforcing this procedure, and providing guidance to Company personnel on the laws and regulations governing this procedure. 4.2 Spokespersons To guard against the disclosure of material nonpublic information to the investment community, the Company has designated the following individuals as Company spokespersons:

CP-102374 Revision 5 Page 6 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3  Chief Executive Officer  Chief Operating Officer  Chief Financial Officer  Vice President, Business Development  Chief Commercial Officer The spokespersons listed above are the only individuals authorized to disclose information about the Company to the public, including the investment community and the news media. In order to discharge their responsibilities effectively, all spokespersons should be kept informed of significant Company developments. Individuals who are not spokespersons should refer any inquiries from the public, including the investment community and the news media, about the Company to the Vice President, Business Development. 5.0 Instructions 5.1 No Trading While Aware of Material Nonpublic Information Employees may not trade in the stock or other securities of any company when aware of material nonpublic information (as defined above) about that company. This procedure against "insider trading" applies to trading in Company securities, as well as to trading in the securities of other companies, such as the Company’s customers, suppliers, or firms with which the Company may be negotiating a major transaction. 5.2 No "Tipping" Employees may not convey (whether through traditional forms of communication or social media or otherwise) material nonpublic information about a company to others or suggest that anyone purchase or sell any company's securities while aware of material nonpublic information about that company. This practice, known as "tipping," also violates the securities laws and can result in the same civil and criminal penalties that apply if an employee engages in insider trading directly, even if the employee does not receive any money or derive any benefit from trades made by persons to whom the employee passed material nonpublic information. This policy against "tipping" applies to information about the Company and its securities, as well as to information about other companies. This procedure does not restrict legitimate business communications to Company personnel who require the information in order to perform their business duties. Material nonpublic information, however, should not be disclosed to persons outside the Company unless the employee disclosing the information is specifically authorized to disclose such information and the person who is to receive the information has agreed, in writing, if appropriate, to keep the information confidential. 5.3 No Short-Term, Speculative Trading, or Hedging It is against Company policy for employees to engage in short-term or speculative trading in Company securities. As such, it is against Company policy for employees to

CP-102374 Revision 5 Page 7 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3 trade in puts, calls, or other publicly traded or “over-the-counter” options in Company securities, or to sell Company securities short. In addition, because certain forms of hedging or monetization transactions, such as zero cost collars and forward sale contracts, involve the establishment of a short position in Company securities and limit or eliminate the ability to profit from an increase in the value of Company securities, employees are prohibited from engaging in any hedging or monetization transactions involving Company securities. 5.4 Pledging of Company Securities Because margin or foreclosure sales may occur at a time when you are aware of material nonpublic information or otherwise not permitted to trade in Company securities, employees are prohibited from holding Company securities in a margin account or pledging Company securities as collateral for a loan or otherwise. This procedure does not prohibit broker-assisted exercise or settlement of equity awards granted by the Company that may involve an extension of credit only until the sale is settled, provided that any such transaction complies with the terms of this procedure. 5.5 401(k) Transactions The prohibitions set forth in this procedure apply to an election an employee may make: (i) to begin or terminate investing in the Company’s stock under the Company’s 401(k) plan, (ii) to increase or decrease the percentage of periodic contributions under the Company’s 401(k) plan (but only if that increase or decrease results in a change to the dollar amount of an employee’s periodic contribution used to purchase Company securities), (iii) to liquidate some or all of an employee’s investment in the Company’s stock in the 401(k) plan, (iv) to borrow money, to the extent otherwise permitted, against a 401(k) plan account if the loan will result in a liquidation of some or all of the employee’s investment in the Company’s stock, and (v) to repay a 401(k) plan loan if the repayment will result in allocation of loan proceeds to the Company’s stock. However, they do not apply to purchases of Company securities in the Company's 401(k) plan resulting from periodic contributions to the 401(k) plan pursuant to a payroll deduction election made when an employee is not subject to a special blackout period or otherwise restricted from trading (pursuant to this procedure, a supplement to this procedure or otherwise) and when an employee is not aware of material nonpublic information. 5.6 Vesting, Exercise and Tax Withholding The restrictions set forth in this procedure do not apply to: (i) the exercise of Company stock options if no shares are to be sold or if there is a "net exercise," (ii) the vesting of Company stock options, restricted stock or restricted stock units or (iii) the withholding of shares by the Company to satisfy a tax withholding obligation upon the vesting of restricted stock or restricted stock units. Note that a "net exercise," which is not subject to the restrictions of this procedure, is the use of the underlying shares to pay the exercise price and/or tax withholding obligations, whereas a broker-assisted cashless exercise, which is subject to the restrictions in this procedure, involves the broker selling some or all of the shares underlying the option in the open market.

CP-102374 Revision 5 Page 8 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3 5.7 Special Blackout Periods From time to time, the Company, through the General Counsel, may designate special blackout periods during which certain directors, officers and employees of the Company may not trade. If an employee is designated as one of those persons, that employee may not disclose to any outside third party that a special blackout period has been designated, and that employee may not trade during any such period. If anyone subject to a special blackout period directive violates a company's blackout period, corrective action, including SEC fines and penalties up to and including termination of NuScale employment may result. 5.8 Post Termination Transactions This procedure will continue to apply to transactions in Company securities after an employee’s employment or service with the Company has terminated in accordance with the following:  If an employee is aware of material nonpublic information at the time of termination, that employee may not trade in the Company’s securities until that information has been publicly disclosed or is no longer material.  If an employee is subject to a special blackout period at the time of termination, that employee may not trade in the Company’s securities until that blackout period is lifted or the General Counsel notifies that employee that the employee is permitted to trade (subject to the employee not having any other material nonpublic information at the time of the lifting of the blackout period).  If an employee is subject to the trading window pursuant to the supplement to this procedure and the window is closed at the time of termination, that employee may not trade in the Company’s securities until the next open window period opens (subject to that employee not having any material nonpublic information at the time of the opening of the window period).  If an employee is designated as a Section 16 officer at the time of termination, that employee will continue to be subject to this procedure for six months from the date of termination in addition to being subject to each of the bullets above. 5.9 Personal Responsibility and Assistance Employees should remember that employees bear the ultimate responsibility for adhering to this procedure and avoiding improper trading. If an employee violates this procedure, beyond the civil and criminal penalties the employee might otherwise face, the Company may take disciplinary action against the employee, including dismissal for cause. If there are any questions about this procedure or the application of this procedure to a particular case, employees should seek additional guidance from the General Counsel. 5.10 Regulation FD It is NuScale’s policy not to make disclosures of material nonpublic information on a selective basis. This policy is important in order to comply with Regulation FD (Fair

CP-102374 Revision 5 Page 9 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3 Disclosure), a rule under the federal securities laws that prohibits companies and its employees and agents from selectively disclosing material nonpublic information to certain enumerated persons (in general, securities market professionals or holders of the Company's securities, under circumstances in which it is reasonably foreseeable that such shareholders will trade on the information) without also disclosing the information to the public. Under Regulation FD, securities market professionals include broker-dealers, analysts, institutional investors, investment advisers, institutional investment managers and investment companies, as well as other persons associated with any of the foregoing types of persons. In these guidelines, we refer to these securities market professionals and to shareholders of the Company who are reasonably likely to trade on material nonpublic information collectively as the "Investment Community." If information is disclosed selectively, under Regulation FD, the Company must make public disclosure of that information simultaneously in the case of an intentional disclosure or promptly in the case of an unintended disclosure. A disclosure is "intentional" when the person making the disclosure either knows, or is reckless in not knowing, that the information being communicated is both material and nonpublic. If a question arises as to whether information is material or nonpublic, or whether an employee is authorized to disclose information, employees should contact the General Counsel prior to disclosure of the information. If the disclosure has already occurred, you should contact the General Counsel immediately following the disclosure so appropriate actions may be taken. 5.10.1 Widespread Dissemination Company press releases must be provided simultaneously to the major wire services, financial news services and newspapers in markets having a significant relationship to the Company. Drafts of all press releases must be provided to the General Counsel who should determine, prior to issuance of the release, whether to furnish or to file a Form 8- K with the Securities and Exchange Commission (SEC). Spokespersons will also post the press release on the Company's Investor Relations section of the Company's website. The release will be moved to a website location that is identified as "historical information" once it has been followed by a quarterly earnings release. Where appropriate, a press release may be followed by a conference call. A replay or archive copy of the conference call will be made available generally for up to thirty days after the call. The public will be given adequate notice concerning the conference call, including date, time and access information both for the live call and the replay. Notice of the call will be included in the press release or in a subsequent press release disseminated a reasonable time before the call. 5.10.2 Exchange Notification If the Company intends to issue a press release shortly before the market opens or during market hours, the Company will notify the New York Stock Exchange (NYSE) of its intention to issue a press release at least ten minutes prior to providing the press release to the media and will deliver a copy of the press release to the NYSE promptly, in accordance with the requirements of the NYSE Listed Company Manual.

CP-102374 Revision 5 Page 10 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3 5.10.3 Earnings Releases All earnings releases (together with any scripts to be used in connection with any related conference calls) will be reviewed and approved by the General Counsel. Within the next 48 hours, the Company may hold an earnings conference call. If the Company holds such a call, the call will be made available to investors and the media either telephonically and/or by webcast. A replay or archive copy of the conference call will be made available generally for up to thirty days after the call. The public will be given adequate notice concerning the conference call, including date, time and access information both for the live call and the replay. Notice of the call will be disseminated by press release a reasonable time before the call. Pursuant to Item 2.02 of Form 8-K, the Company will furnish to the SEC a Form 8-K identifying the earnings release and including the earnings release as an exhibit within four business days of the public announcement, but prior to any earnings conference call. The public release of any additional or updated material nonpublic information regarding the Company's results of operations or financial condition for a completed fiscal year or quarter, whether in connection with an earnings conference call or otherwise, may trigger an additional Item 2.02 reporting requirement. Therefore, spokespersons should consult with the General Counsel prior to the public release of any such additional or updated information. 5.10.4 Quiet Period During the thirty days prior to an announcement of the Company's quarterly earnings, spokespersons will not disclose any information about Company earnings or financial or business performance or prospects to the Investment Community. 5.11 Pre-clearance Procedures and Trading Windows 5.11.1 Introduction The instructions in this Section 5.11 are only applicable to Insiders. 5.11.2 Trading Windows Insiders may trade in Company securities only during the period beginning on the third trading day following the Company’s public disclosure of its earnings and ending on the thirtieth day thereafter or, in the case of the first quarter of each year, as designated by General Counsel (each such period, the "Trading Window"). Trading outside the Trading Window is prohibited without the written approval of the General Counsel. If the Trading Window closes on a non-trading day (i.e., a Saturday, Sunday or New York Stock Exchange holiday) the Trading Window will close on the completion of the immediately preceding trading day. Even if the Trading Window is open, Insiders may not trade in Company securities if they are aware of material nonpublic information about the Company or if they are subject to a special blackout period (as further described in the Insider Trading procedure). Furthermore, even if the Trading Window is open, Insiders must pre- clear all transactions in accordance with the pre-clearance procedures described below.

CP-102374 Revision 5 Page 11 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3 In light of these restrictions, if Insiders expect a need to sell Company securities at a specific time in the future, Insiders may wish to consider entering into a prearranged Rule 10b5-1 trading plan, as discussed below. 5.11.3 Pre-Clearance Procedures The Company requires each Company Insider, to contact the General Counsel in advance of effecting any purchase, sale or other trade of Company securities to obtain the General Counsel's prior approval of that transaction. In addition, Insiders are encouraged to consult with the General Counsel before trading in securities of companies that have material relationships with the Company. The Company also requires pre-clearance by Insiders of Rule 10b5-1 trading plans (discussed below) and elections under employee benefit plans. Any transaction that occurs pursuant to a Rule 10b5-1 trading plan that has been pre-approved by the General Counsel will not require further pre-clearance at the time of the transaction. All requests for pre-clearance should be submitted to the General Counsel at least two business days in advance of the proposed transaction. You are responsible for personally speaking with a representative in the General Counsel's office; if you leave a voicemail message and do not hear back, you should follow up to ensure that your message was received. When you call for pre-clearance, the Company will require detailed information on the proposed transaction. This includes exactly how many shares are involved and, if stock options are involved, exactly which stock options are proposed to be exercised. You will also need to indicate the exact date the transaction is proposed to occur or other conditions to the transaction (for example, any minimum price condition) and you will need to provide contact information for the broker who will be responsible for the order. If a transaction is approved but prior to execution you become aware of material nonpublic information concerning the Company, you may not engage in the transaction and you will need to re-submit the transaction for pre-approval before engaging in the transaction. 5.11.4 Rule 10b5-1 Trading Plans In light of the restrictions on trading Company securities, as discussed in the Insider Trading Policy, PY-102375, the Company permits Company Insiders to enter into a pre- arranged Rule 10b5-1 trading plan, provided such plan complies with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "1934 Act") and the Company's policy with respect to such plans, as detailed below. Rule 10b5-1 under the 1934 Act provides for an affirmative defense against insider trading liability if trades occur pursuant to a pre-arranged "trading plan" that meets specified conditions. Under this rule, if you enter into a binding contract, instruction or written plan that specifies the amount, price and date on which securities are to be purchased or sold, and these arrangements are established at a time when you are not aware of material nonpublic information, you may claim a defense to insider trading liability if the transactions under the trading plan occur at a time when you have subsequently learned material nonpublic information. Arrangements under this rule may

CP-102374 Revision 5 Page 12 of 12 Template #: CP-0503-1952-F01-R17 NuScale Confidential, Proprietary Class 3 specify the number of securities to be bought or sold, along with the price and the date, or provide a written formula for determining this information. Alternatively, a trading plan can delegate investment discretion to an independent third party, such as a broker, who then makes trading decisions without further input from the person implementing the plan. Trading plans can be established for a single trade or series of trades. To benefit from Rule 10b5-1's protections under current law, the Insider must enter their trading plan in "good faith" and before they become privy to material non-public information. If the insider does not enter the plan in "good faith," or enters the plan after receipt of insider information, then Rule 10b5-1 provides them no protection. Recent changes to Rule 10b5-1 create additional restrictions on 10b5-1 trading plans, and new disclosure requirements. As to the restrictions, for corporate officers and directors, the cooling-off period prohibits trading under a plan until the later of (i) 90 days following plan adoption or modification, and (ii) two business days following the company's public disclosure of its financial results. For other insiders, the cooling-off period is 30 days. Officers and directors are now required to certify under oath that they were not aware of material non-public information when they adopt or amend their trading plans. Regarding disclosure requirements, the SEC's amendments require companies to publicly disclose the adoption, modification, or termination, and the material terms of trading plans held by directors and certain officers. Companies also must disclose their policies and procedures governing insider trading. It is important that you properly document the details of a trading plan. Note that, in addition to the requirements described above, there are a number of additional procedural conditions to Rule 10b5-1 that must be satisfied before you can rely on a trading plan as an affirmative defense against an insider trading charge. As noted above, these requirements include that you act in good faith, that you do not modify your trading instructions while you are aware of material nonpublic information and that you not enter into or alter a corresponding or hedging transaction or position. Because this rule is complex, the Company recommends that you work with a broker and be sure you fully understand the limitations and conditions of the rule before you establish a trading plan. All Rule 10b5-1 trading plans must be approved in advance by the General Counsel prior to implementing any such plan. In addition, all amendments, modifications and terminations of an existing Rule 10b5-1 trading plan must be reviewed and approved in advance by the General Counsel. 6.0 References 6.1 Insider Trading Policy, PY-102375. 6.2 Securities Exchange Act of 1934, Pub. L. 73-291, 48 Stat. 881 (1934). 6.3 Regulation FD, 17 CFR Part 243. 6.4 NYSE Listed Company Manual, https://nyseguide.srorules.com/listed-company-manual.

Exhibit 21.1

NuScale Power Corporation Subsidiaries

[Note: Roman numerals below denote the level of the subsidiary. For example, “I” represents a first-tier subsidiary of NuScale Power Corporation; “II” represents a second tier of subsidiary of NuScale Power, LLC; and ;
“III” represents a second tier of subsidiary of NuScale Power OVS, LLC]

Subsidiary Name

Percent Holding

Organized Under Laws of

I NuScale Power, LLC

100.0

Oregon

II NuScale Power OVS, LLC

100.0

Delaware

III NuScale Power Canada Holdings, ULC

100.0

BC, Canada

III NuScale Investment Co., Ltd.

40.0

Korea

III NuScale Romania S.R.L.

100.0

Romania

II ENTRA1 NuScale LLC

50.0

Delaware

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the following Registration Statements:

(1)Registration Statement (Form S-8 No. 333-274295) pertaining to the 2022 Long-Term Incentive of NuScale Power Corporation,

(2)Registration Statement (Form S-3 No. 333- 272342) pertaining to the registration of Class A Common Stock, Preferred Stock, Debt Securities, Warrants and Units of securities of NuScale Power Corporation, and

(3)Registration Statement (Form S-8 No. 333-266023) pertaining to the 2022 Long-Term Incentive Plan Fourth Amended and Restated Equity Incentive Plan of NuScale Power, LLC of NuScale Power Corporation;

of our reports dated March 3, 2025, with respect to the consolidated financial statements of NuScale Power Corporation and the effectiveness of internal control over financial reporting of NuScale Power Corporation included in this Annual Report (Form 10-K) of NuScale Power Corporation for the year ended December 31, 2024.

/s/ Ernst & Young LLP

Portland, OR

March 3, 2025

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 annual report on Form 10-K 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)) 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):


			(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: March 3, 2025	By:	/s/ John Hopkins
		John Hopkins
		Chief Executive Officer (Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

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

I, R. Ramsey Hamady, certify that:


1.			I have reviewed this annual report on Form 10-K 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)) 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):


			(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: March 3, 2025	By:	/s/ R. Ramsey Hamady
		R. Ramsey Hamady
		Chief Financial Officer (Principal Financial Officer)

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 Annual Report on Form 10-K for the year ended December 31, 2024 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.


March 3, 2025						/s/ John Hopkins
						John Hopkins
						Chief Executive Officer
						(Principal Executive Officer)

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 Annual Report on Form 10-K for the year ended December 31, 2024 of NuScale Power, Inc. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Chris Colbert, 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.


March 3, 2025									/s/ R. Ramsey Hamady
									R. Ramsey Hamady
									Chief Financial Officer
									(Principal Financial Officer)

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2024	Feb. 24, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-04321
Entity Registrant Name	NuScale Power Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1588588
Entity Address, Address Line One	1100 NE Circle Blvd., Suite 200
Entity Address, City or Town	Corvallis
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97330
City Area Code	971
Local Phone Number	371-1592
Class A common stock, $0.0001 par value per share	Class A common stock, $0.0001 par value per share
Trading Symbol	SMR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.1
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's proxy statement for its 2025 annual meeting of stockholders are incorporated by reference in Part III of this Form 10-K.
Entity Central Index Key	0001822966
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		128,175,674
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		154,254,663

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Portland, Oregon
Auditor Firm ID	42

Consolidated Balance Sheet - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 401,556	$ 120,265
Short-term investments	40,000	0
Restricted cash	5,100	5,100
Prepaid expenses	3,377	19,054
Accounts and other receivables	21,104	10,127
Total current assets	471,137	154,546
Property, plant and equipment, net	2,421	4,116
In-process research and development	16,900	16,900
Intangible assets, net	704	882
Goodwill	8,255	8,255
Long-lead material work in process	43,388	36,361
Other assets	1,868	3,798
Total Assets	544,673	224,858
Current Liabilities
Accounts payable and accrued expenses	47,947	44,925
Accrued compensation	7,330	8,546
Long-lead material liability	32,327	32,323
Other accrued liabilities	1,356	1,664
Deferred revenue	762	0
Total current liabilities	89,722	87,458
Warrant liabilities	0	5,722
Deferred revenue	181	898
Noncurrent liabilities	1,650	1,442
Total Liabilities	91,553	95,520
Stockholders’ Equity
Additional paid-in capital	995,745	333,888
Accumulated deficit	(377,077)	(240,454)
Total Stockholders' Equity Excluding Noncontrolling Interests	618,695	93,457
Noncontrolling interests	(165,575)	35,881
Total Stockholders' Equity	453,120	129,338
Total Liabilities and Stockholders' Equity	544,673	224,858
Class A
Stockholders’ Equity
Common stock, value, issued	12	8
Class B
Stockholders’ Equity
Common stock, value, issued	$ 15	$ 15

Consolidated Balance Sheet (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class A
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (shares)	332,000,000	332,000,000	332,000,000
Common stock, shares issued (shares)	122,842,474	76,895,166	69,353,019
Common stock, shares outstanding (shares)	122,842,474	76,895,166	69,353,019
Class B
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (shares)	179,000,000	179,000,000	179,000,000
Common stock, shares issued (shares)	154,254,663	154,477,032	157,090,820
Common stock, shares outstanding (shares)	154,254,663	154,477,032	157,090,820

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 37,045	$ 22,810	$ 11,804
Cost of sales	(4,937)	(18,961)	(7,317)
Gross margin	32,108	3,849	4,487
Research and development expenses	46,817	156,050	127,662
General and administrative expenses	75,901	65,404	55,307
Other expenses	48,115	57,960	51,513
Loss from operations	(138,725)	(275,565)	(229,995)
Sponsored cost share	6,884	61,031	72,514
Change in fair value of warrant liabilities	(222,999)	23,627	12,148
Interest income	8,388	10,792	3,760
Loss before income taxes	(346,452)	(180,115)	(141,573)
Foreign income taxes	1,935	0	0
Net loss	(348,387)	(180,115)	(141,573)
Net loss attributable to legacy NuScale LLC holders prior to Transaction	0	0	(31,155)
Net loss attributable to noncontrolling interests	(211,764)	(121,753)	(84,504)
Net Loss Attributable to Class A Common Stockholders	$ (136,623)	$ (58,362)	$ (25,914)
Loss Per Share of Class A Common Stock:
Basic (usd per share)	$ (1.47)	$ (0.80)	$ (0.51)
Diluted (usd per share)	$ (1.47)	$ (0.80)	$ (0.51)
Weighted-Average Shares of Class A Common Stock Outstanding:
Basic (shares)	93,249,872	73,386,018	50,763,844
Diluted (shares)	93,249,872	73,386,018	50,763,844

Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Class A	Class B	Convertible Preferred Units	Common Units	Common Stock	Common Stock Class A	Common Stock Class B	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests
Beginning balance (shares) at Dec. 31, 2021	6,000,000
Beginning balance at Dec. 31, 2021	$ 2,140
Increase (Decrease) in Temporary Equity [Roll Forward]
Reverse recapitalization, net (shares)	(6,000,000)
Reverse recapitalization, net	$ (2,140)
Ending balance (shares) at Dec. 31, 2022	0
Ending balance at Dec. 31, 2022	$ 0
Beginning balance (shares) at Dec. 31, 2021							0	0
Beginning balance at Dec. 31, 2021	66,258						$ 0	$ 0		$ (781,620)
Beginning balance (shares) at Dec. 31, 2021				633,261,000
Beginning balance at Dec. 31, 2021				$ 819,694	$ 28,184
Beginning balance (shares) at Dec. 31, 2021					9,074,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense	9,331				$ 1,359				$ 7,972
Exercise of common share options and warrants and vested RSUs (shares)							4,432,000
Exercise of common share options and warrants and vested RSUs	34,970						$ 1		34,969
Exchange of combined interests for Class A common stock (shares)							21,306,000	(21,306,000)
Exchange of combined interests for Class A common stock	0						$ 2	$ (2)
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	0								33,201		$ (33,201)
Net loss	(141,573)
Exercise of common unit options (shares)					3,764,000
Exercise of common unit options	847				$ 847
Repurchase of common units (shares)					(358,000)
Repurchase of common units	(566)				$ (566)
Issuance of treasury units (shares)					12,000
Issuance of treasury units	20				$ 20
Conversion of equity award to liability award	(50)				$ (50)
Reverse recapitalization, net (shares)				(633,261,000)	(12,492,000)		41,971,000	178,397,000
Reverse recapitalization, net	307,850			$ (819,694)	$ (29,794)		$ 4	$ 18	220,606	656,597	280,113
Issuance of earn-out shares upon triggering event (shares)							1,644,000
Issuance of earn-out shares upon triggering event	0
Net loss attributable to legacy NuScale prior to Transaction	(31,155)									(31,155)
Net loss after the Transaction	(110,418)									(25,914)	(84,504)
Ending balance (shares) at Dec. 31, 2022				0
Ending balance at Dec. 31, 2022				$ 0	$ 0
Ending balance (shares) at Dec. 31, 2022					0
Ending balance (shares) at Dec. 31, 2022		69,353,019	157,090,820				69,353,000	157,091,000
Ending balance at Dec. 31, 2022	277,087						$ 7	$ 16	296,748	(182,092)	162,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense	16,239								16,239
Exercise of common share options and warrants and vested RSUs (shares)							3,191,000
Exercise of common share options and warrants and vested RSUs	6,291								6,291
Issuance of Class A common stock (shares)							1,737,000
Issuance of Class A common stock	9,836								9,836
Exchange of combined interests for Class A common stock (shares)							2,614,000	(2,614,000)
Exchange of combined interests for Class A common stock	0						$ 1	$ (1)
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	0								4,774		(4,774)
Net loss	(180,115)									(58,362)	(121,753)
Net loss attributable to legacy NuScale prior to Transaction	0
Ending balance (shares) at Dec. 31, 2023		76,895,166	154,477,032				76,895,000	154,477,000
Ending balance at Dec. 31, 2023	129,338						$ 8	$ 15	333,888	(240,454)	35,881
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense	13,642								13,642
Exercise of common share options and warrants and vested RSUs (shares)							24,198,000
Exercise of common share options and warrants and vested RSUs	456,501					$ 2			456,499
Issuance of Class A common stock (shares)							21,527,000
Issuance of Class A common stock	204,648					$ 2			204,646
Exchange of combined interests for Class A common stock (shares)							222,000	(222,000)
Exchange of combined interests for Class A common stock	0
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	0								(12,930)		12,930
Foreign income tax withholding to noncontrolling interests	(2,622)										(2,622)
Net loss	$ (348,387)									(136,623)	(211,764)
Exercise of common unit options (shares)	5,214,202
Net loss attributable to legacy NuScale prior to Transaction	$ 0
Ending balance (shares) at Dec. 31, 2024		122,842,474	154,254,663				122,842,000	154,255,000
Ending balance at Dec. 31, 2024	$ 453,120						$ 12	$ 15	$ 995,745	$ (377,077)	$ (165,575)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OPERATING CASH FLOW
Net loss	$ (348,387)	$ (180,115)	$ (141,573)
Adjustments to reconcile net loss to operating cash flow:
Depreciation	1,665	2,380	2,521
Amortization of intangibles	177	177	177
Equity-based compensation expense	13,642	16,239	9,331
Provision for credit losses	1,000	0	0
Change in fair value of warrant liabilities	222,999	(23,627)	(12,148)
Loss on disposal of property, plant and equipment	(122)	0	0
Impairment of intangible asset	71	797	0
Net noncash change in right of use assets and lease liabilities	(68)	(2,360)	2,385
Changes in assets and liabilities:
Prepaid expenses and other assets	16,413	(10,043)	(2,243)
Accounts receivable	(11,977)	1,072	(6,366)
Long-lead material work in process	(7,017)	(36,361)	0
Accounts payable and accrued expenses	5,717	18,246	2,987
Long-lead material liability	4	32,323	0
Lease liability	(1,612)	(1,701)	(1,504)
Deferred DOE cost share	0	0	(104)
Deferred revenue	45	42	(559)
Accrued compensation	(1,216)	(323)	(1,513)
Net Cash Used in Operating Activities	(108,666)	(183,254)	(148,609)
INVESTING CASH FLOW
Sale of short-term investments	25,000	50,000	0
Purchase of short-term investments	(65,000)	0	(50,000)
Insurance proceeds for property, plant and equipment	195	0	0
Purchases of property, plant and equipment	(44)	(1,725)	(2,332)
Net Cash (Used) Provided by Investing Activities	(39,849)	48,275	(52,332)
FINANCING CASH FLOW
Proceeds from the issuance of common stock, net of issuance fees	204,648	9,836	0
Proceeds from exercise of warrants	205,375	0	22,325
Proceeds from exercise of common share options	22,405	6,291	6,377
Foreign income tax withholding to NCI interests	(2,622)	0	0
Proceeds from Transaction, net	0	0	341,462
Payments of Transaction costs	0	0	(2,401)
Proceeds from exercise of options	0	0	847
Repurchase of common units	0	0	(566)
Issuance of treasury units	0	0	20
Net Cash Provided by Financing Activities	429,806	16,127	368,064
Net Change in Cash, Cash Equivalents and Restricted Cash	281,291	(118,852)	167,123
Cash, cash equivalents and restricted cash:
Beginning of period	125,365	244,217	77,094
End of period	406,656	125,365	244,217
Summary of noncash investing and financing activities:
Assumption of Transaction warrant liabilities	0	0	47,532
Debt converted to equity	0	0	14,181
Warrants converted into equity	228,721	0	6,268
Conversion of equity options to liability award	0	0	50
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$ 3,224	$ 0	$ 0

The Company	12 Months Ended
The Company	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	The Company Organization NuScale Corp (“NuScale”, the “Company”, “us”, “we” or “our”) is incorporated under the laws of the state of Delaware. The Company is the primary beneficiary of NuScale LLC, a variable interest entity, and all activity of NuScale LLC and the Company are consolidated herein. NuScale LLC is a limited liability company organized in the State of Oregon in 2011. Operations The Company 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 Company also uses the test facility at OSU through a technology transfer agreement. The following represents key milestones in the development of this technology: •December 2016: Design Certification Application (“DCA”) completed •January 2017: DCA submitted to the NRC •March 2017: DCA accepted for review by the NRC •August 2020: NRC issued the Final Safety Evaluation Report ("FSER") •July 2023: SDA Application and associated licensing topical reports accepted for formal review by the NRC The FSER represents the NRC’s completion of its technical review and approval of the NuScale SMR design. With this final 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 NuScale design. Based on the NRC’s published schedule for SDA Application review, we expect the NRC will complete its review and SDA approval to be received by the end of the 2025 fiscal year. The Company’s activities are subject to significant risks and uncertainties, including failing to secure funding to sustain operations until our SDA applications are approved by the NRC, 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 2023 and 2024 fiscal years. 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 $3,236 during the year ended December 31, 2024, and is included in Other expenses on our consolidated income statement. U.S. Department of Energy Funding Beginning in 2014, the U.S. DOE has provided critical funding to NuScale through a series of cooperative agreements which support ongoing commercialization activities. The relevant agreements are discussed below. U.S. Department of Energy NuScale SMR FOAK Nuclear Demonstration Readiness Project Completion (Award 8928) In February 2020, NuScale LLC was awarded up to $350,000 under “SMR FOAK Nuclear Demonstration Readiness Project Completion” (“Award 8928”). This program is expected to complete all remaining licensing activities, first-of-a-kind engineering, supply chain development, testing and other required activities to have the NuScale SMR ready to enable timely client project deployment. The award consisted of NuScale cost share of $350,000 (50%) and government cost share of $350,000 (50%). Subsequently the award has been amended and DOE obligated $262,656, of which NuScale has collected a total of $262,655 through December 31, 2024, with no future obligations guaranteed.

Merger Transaction	12 Months Ended
Merger Transaction	Dec. 31, 2024
Reverse Recapitalization [Abstract]
Merger Transaction	Merger Transaction Merger with Spring Valley In December 2021, NuScale LLC entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Spring Valley Acquisition Corp. (“Spring Valley”) and Spring Valley Merger Sub, LLC (“Merger Sub”), a wholly owned subsidiary of Spring Valley. Pursuant to the Merger Agreement, Merger Sub merged with and into NuScale LLC (the “Merger”), with NuScale LLC surviving the Merger (the “Surviving Company”), Spring Valley being renamed NuScale Power Corporation, and NuScale LLC continuing to be held as a wholly controlled subsidiary of NuScale Corp in an “Up-C” structure. On May 2, 2022, the Merger and other transactions contemplated by the Merger Agreement (collectively the “Transaction”) was completed. The Transaction is shown as a reverse recapitalization under GAAP. Spring Valley is the acquired company, with NuScale LLC treated as the acquirer. This determination reflects Legacy NuScale Equityholders holding a majority of the voting power of NuScale Corp, NuScale LLC’s pre-merger operations being the majority post-merger operations of NuScale Corp and NuScale LLC’s management team retaining similar roles at NuScale Corp. Accordingly, although NuScale Corp (f/k/a Spring Valley) is the parent company, GAAP dictates that the financial statements of NuScale Corp represent a continuation of NuScale LLC’s operations, with the Transaction being treated as though NuScale LLC issued ownership interests for Spring Valley, accompanied by a recapitalization. The net assets of NuScale LLC are stated at historical cost, with no incremental goodwill or other intangible assets recorded for the effects of the Transaction. In connection with the Transaction: •Each Convertible Preferred Unit of NuScale LLC was converted into common units using an exchange ratio, and each NuScale LLC common unit holder (including the holders of the previously converted Convertible Preferred Units) received a certain number of NuScale LLC Class B units and non-economic voting shares of NuScale Corp Class B common stock based on an exchange ratio. Holders of NuScale LLC Class B units have the right to exchange each Class B unit, together with the cancellation for no consideration of one share of NuScale Corp Class B common stock, par value $0.0001, for one share of NuScale Corp Class A common stock, par value $0.0001, or cash, subject to certain restrictions. •Institutional and accredited investors purchased 23,700,002 shares of Class A common stock for an aggregate amount of $235,000. The consummation of the Transaction resulted in NuScale LLC receiving cash equal to $341,500 and assuming Warrant liabilities valued at $47,500. Tax Receivable Agreement Substantially all the assets of the combined company are held by NuScale LLC, and NuScale Corp’s only assets are its equity interest in NuScale LLC and prepaid assets. NuScale Corp entered into a Tax Receivable Agreement (“TRA”) with NuScale LLC, each of the TRA Holders (as defined in the TRA), and Fluor, in its capacity as TRA Representative (as defined in the TRA). Pursuant to the TRA, NuScale Corp must pay 85% of the net cash tax savings from certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increases in tax basis and other tax benefits resulting from any exchange by the TRA holders of NuScale LLC Class B units and NuScale Corp Class B common stock for shares of Class A common stock or cash in the future. NuScale Corp will benefit from the remaining 15% of cash tax savings, if any, realized as a result of such tax benefits. Cash tax savings will be computed by comparing NuScale Corp’s actual income tax liability to the amount of such taxes that NuScale Corp would have been required to pay had there been no increase to the tax basis of its assets as a result of the Transaction or the exchanges and had NuScale Corp not entered into the TRA (calculated by making certain assumptions). As of December 31, 2024, there have been 24,142,048 Class B units exchanged (together with the cancellation for no consideration of an equal number of shares of NuScale Corp Class B common stock) for shares of Class A common stock. Associated with these exchanged units we have calculated an implied TRA obligation of $63,360 as of December 31, 2024. However, given NuScale Corp’s current tax situation we conclude the liability is not probable, and thus no liability related to projected obligations under the TRA has been recorded.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation As part of the Transaction, NuScale Corp has been determined to be the primary beneficiary of NuScale LLC, a variable interest entity (“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 consolidated financial statements. All assets and liabilities included in the consolidated balance sheet are that of NuScale LLC, other than the Warrants and certain prepaid assets. All intercompany transactions have been eliminated upon consolidation. Changes in Presentation For the year ended December 31, 2023, $1,855 was reclassified out of Other expenses and into R&D expenses to conform to the current year presentation, while for December 31, 2022, amounts totaling $4,246 and $3,504 were reclassified out of G&A expenses and into R&D expenses and Other expenses, respectively. For the year ended December 31, 2022, sponsored cost share totaling $177 that was previously included in Interest income has been reclassified to Sponsored cost share to conform to the current year presentation on the accompanying consolidated statements of operations. No such reclassifications were required for the 2023 fiscal year. Subsequent Events The Company follows the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 855, Subsequent Events, for disclosing subsequent events. These subsequent events are disclosed in note 4, note 14 and note 17, which are the footnotes they are applicable to. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions. NuScale believes that the estimates, judgments and assumptions made when accounting for items and matters such as, but not limited to, depreciation, amortization, in-process research and development (“IPR&D”), asset valuations, equity-based compensation and contingencies are reasonable, based on information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements, as well as amounts reported on the statements of operations during the periods presented. Actual results could differ from those estimates. Cash, Cash Equivalents 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 time of purchase. Cash equivalents with an initial maturity of between three and twelve months at time of purchase are presented as short-term investments on the accompanying consolidated balance sheet. Cash equivalents and short-term investments consist of certificates of deposit. These certificates of deposit are classified as held-to-maturity, and the estimated fair value of the investment approximates its amortized cost. Cash in the amount of $5,100 is restricted as collateral for the letter of credit associated with the Release Agreement with CFPP LLC at December 31, 2024 and December 31, 2023. Previous to that, the letter of credit was associated with the DCRA, which spanned multiple years requiring the amount be classified as a noncurrent asset at December 31, 2022. The Company expects the Release Agreement will be finalized during the 2025 fiscal year resulting in the related restricted cash being classified as a current asset, identified as Restricted cash on the consolidated balance sheet. The Restricted cash balance plus Cash and cash equivalents on the consolidated balance sheet equals cash, cash equivalents and restricted cash, as reflected in the consolidated statements of cash flows. Sales and Marketing Agreements The Company has entered into various sales and marketing agreements pursuant to which we prepaid certain expenses to the counterparty. As of December 31, 2023, the balance of $15,000 is included in Prepaid expenses, on the accompanying consolidated balance sheet and was amortized monthly on a straight-line basis through the period ended December 31, 2024. As of December 31, 2024, the Company had no significant prepaid sales and marketing agreements. Accounts and Other Receivables Accounts and other receivables include reimbursement requests outstanding from cost share agreements with various entities, interest receivable and commercial accounts receivable associated with other federal projects. The reimbursement requests outstanding from DOE awards are recognized as eligible costs are incurred. Reimbursement under the awards are included in Sponsored cost share in the consolidated statements of operations. Accounts receivable are presented net of allowance for credit losses. Management estimates an allowance for credit losses by evaluating customer-specific conditions, including adverse situations that may affect a customer’s ability to pay, as well as both microeconomic and macroeconomic factors. In-process Research and Development IPR&D represents incomplete research and development projects that had not reached technological feasibility as of their acquisition date in 2011. Due to the nature of IPR&D, the expected life is indefinite, and it will be evaluated periodically for attainment of technological feasibility or impairment. Technological feasibility is established when an enterprise has completed all planning, designing, coding and testing activities that are necessary to establish that a product can be produced to meet its design specifications including functions, features and technical performance requirements. IPR&D was concluded to include both fundamental and defensive technologies comprised of OSU-licensed and NuScale-owned patented and unpatented technology and trade secrets. Such technologies are designed to work together in the operation of a nuclear power module. IPR&D is amortized over its estimated useful life once technological feasibility is reached. As the Company has not yet completed all designing, coding and testing activities, management has determined that technological feasibility has not yet been reached. Management has not identified any indicators that would suggest any impairment of the IPR&D. If IPR&D is determined not to have technological feasibility or is abandoned, it will be impaired or written off at such time. Revenue Recognition In addition to advancing the commercialization of its SMR, the Company 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 consolidated balance sheet. Amounts billed to clients in excess of revenue recognized are classified as a current liability under Deferred revenue. The Company excludes from its measurement of transaction prices all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of sales. Customer payments on contracts are typically due within 30 days of billing, depending on the contract. The Company generally provides limited warranties for work performed under its engineering contracts. The warranty periods typically extend for a limited duration following substantial completion of the Company’s work on a project. Historically, warranty claims have not resulted in material costs incurred, and for the periods presented, no warranty liability has been recorded. Sponsored Cost Share As our commercialization activities advance, we have continued to enter into cost share agreements with various entities, including both governmental and private, under which the Company is reimbursed for specific R&D activities. As of December 31, 2024, these entities include DOE, United States Department of State and United States Trade and Development Agency (combined as “USG”), CFPP LLC and RoPower Nuclear S.A (“RoPower”). Since 2014, the DOE has provided critical funding to the Company through a series of cooperative agreements that support ongoing commercialization activities. During the years ended December 31, 2024, 2023 and 2022, DOE cost share totaled $342, $29,320 and $72,337, respectively. Beginning in 2021, the Company partnered with USG to develop SMRs in foreign markets. Under USG’s technical assistance grant programs, we receive cost share commitments to support licensing work in these foreign markets, one of which is additionally supported by RoPower. During the years ended December 31, 2024, 2023 and 2022, USG cost share totaled $6,204, $23,828 and $177, respectively. Finally, we received subrecipient cost share from CFPP LLC under a contract between the DOE and UAMPS for R&D performed. Under this agreement we received cost share of $338 and $7,883 for the years ended December 31, 2024, and 2023, respectively, with no such subrecipient cost share earned prior to this year. No future amounts are expected, as the agreements between NuScale and CFPP LLC have been suspended and wind down procedures initiated. 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 short-term investments, prepaid expenses and deposits, accounts payable and accrued expenses approximates fair value due to their short maturities. Property, Plant and Equipment All additions, including betterments to existing facilities, are recorded at cost. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of the assets and the related accumulated depreciation is derecognized with any gain or loss recorded in the year of disposition. Depreciation is based on the estimated useful lives of the assets using the straight-line method. Furniture and fixtures are depreciated over useful lives of seven years. Computer software is depreciated over useful lives of three to five years. Office and computer equipment is depreciated over useful lives of five years. Test equipment is depreciated over useful lives of five years. Leasehold improvements are depreciated over the shorter of their estimated useful life or the remaining term of the associated lease. Long-Lived Assets Long-lived assets including primarily property and equipment and acquired IPR&D are reviewed for impairment annually and when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. If this review indicates that the carrying amount will not be recoverable, as determined based on comparing the estimated undiscounted future cash flows to the carrying amount, impairment is measured by comparing the carrying amount to fair value. Goodwill Goodwill is the excess of the purchase price paid over the fair value of the net assets of a business acquired in a purchase business combination. Goodwill is not amortized but is reviewed for impairment annually, on the first day of the fourth quarter, or whenever events or changes in circumstances arise during the year that indicate the carrying amount of goodwill may not be recoverable. Impairment exists when the carrying amount of the reporting unit exceeds its fair value and an impairment loss is recognized. Warrant Liability The Company accounted for the Warrants in accordance with the guidance contained in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, under which the Warrants did not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classified the Warrants as liabilities at their fair value and adjusted the Warrants to fair value at each reporting period. This liability was subject to re-measurement at each balance sheet date until exercised or redeemed, and any change in fair value is recognized in the Company’s consolidated statements of operations. The fair value of the Warrants had been estimated using the Public Warrants’ quoted market price. Equity-Based Compensation Our long-term incentive plan provides for grants of nonqualified or incentive stock options, restricted stock award units (“RSU”s) and performance-based award units. Equity-based compensation is measured using a fair value-based method for all equity-based awards. The cost of awarded equity instruments is recognized based on each instrument’s grant-date fair value over the period during which the grantee is required to provide service in exchange for the award. The determination of fair value for nonqualified or incentive stock options requires significant judgment and the use of estimates, particularly with regard to Black-Scholes assumptions such as stock price, volatility and expected option lives to value equity-based compensation, while forfeitures are recognized as incurred. The grant date fair value of RSUs is based on the closing market price of our Class A common stock on the grant date as stated on the NYSE. The option valuation model used to calculate the Company’s options uses the treasury yield curve rates for the risk-free interest rate for a period equal to the expected option life and the simplified method to calculate the expected option life (options qualified as ‘plain vanilla’ under the provisions of Staff Accounting Bulletin 107). Volatility is determined by reference to the actual volatility of several publicly traded companies that are similar to NuScale in its industry sector. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. Forfeitures are recognized as they occur. All equity-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards. Equity-based compensation is recorded as a General and administrative expense and Other expense in the consolidated statements of operations. Research and Development R&D expenses represent costs incurred for designing and engineering products, including the costs of developing design tools. All research and development costs related to product development are expensed as incurred. Advertising and Marketing Advertising costs are expensed as incurred and are recognized as a component of general and administrative expenses on the consolidated statements of operations. Advertising costs expensed were approximately $19,976, $14,617 and $7,340 for the years ended December 31, 2024, 2023 and 2022, respectively. Income Taxes NuScale Corp accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that the deferred tax assets will be realized. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change. The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return, which are subject to examination by federal and state taxing authorities. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management’s estimates of the ultimate outcome of various tax uncertainties. Once identified, the Company will recognize penalties and interest related to uncertain tax positions within the provision (benefit) for income taxes line in the accompanying consolidated statements of operations. NuScale LLC is a limited liability company treated as a partnership for U.S. federal income tax purposes that is not subject to U.S. federal income tax. As such, its net taxable income or loss and any related tax credits are allocated to its members. Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the FASB. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. NuScale adopted ASU 2023-07 effective December 31, 2024, on a retrospective basis. The adoption of 2023-07 did not change the way that the Company identifies its reportable segments and, as a result, did not have a material impact on the Company’s segment-related disclosures. Refer to Note 11 for further information on NuScale’s reportable segment. 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.

Equity and Loss Per Share

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest And Earnings Per Share [Abstract]

Equity and Loss Per Share

Noncontrolling Interests


	As of and for the year ended December 31,		As of and for the period from May 2, 2022 through December 31, 2022
	2024	2023
NuScale Corp Class A common stock
Beginning of period	76,895,166	69,353,019	41,971,380
Exchange of combined interests into Class A common stock	222,369	2,613,788	21,305,891
Issuance of Class A common stock	21,527,146	1,737,378	—
Vesting or exercise of equity awards	24,197,793	3,190,981	4,431,824
Vesting of earn out shares	—	—	1,643,924
End of period	122,842,474	76,895,166	69,353,019

NuScale LLC Class B units (NCI)
Beginning of period	154,477,032	157,090,820	178,396,711
Exchange of combined interests into Class A common stock	(222,369)	(2,613,788)	(21,305,891)
End of period	154,254,663	154,477,032	157,090,820

Total
Beginning of period	231,372,198	226,443,839	220,368,091
Issuance of Class A common stock	21,527,146	1,737,378	—
Vesting or exercise of equity awards	24,197,793	3,190,981	4,431,824
Vesting of earn out shares	—	—	1,643,924
End of period	277,097,137	231,372,198	226,443,839

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


	As of and for the year ended December 31,				As of and for the period from May 2, 2022 through December 31, 2022
	2024		2023
NuScale Corp Class A common stock
Beginning of period	33.2	%	30.6	%	19.0	%
End of period	44.3	%	33.2	%	30.6	%

NuScale LLC Class B units (NCI)
Beginning of period	66.8	%	69.4	%	81.0	%
End of period	55.7	%	66.8	%	69.4	%

Members’ Equity of NuScale LLC

Loss Per Share


	As of and for the year ended December 31,				As of and for the period from May 2, 2022 through December 31, 2022
	2024		2023
Net loss attributable to Class A common stockholders	(136,623)		(58,362)		(25,914)
Weighted-average shares for basic and diluted loss per share	93,249,872		73,386,018		50,763,844
Basic and Diluted loss per share of Class A common stock	$	(1.47)	$	(0.80)	$	(0.51)
Anti-dilutive securities excluded from shares outstanding:
Class B common shares	154,254,663		154,477,032		157,090,820
Stock options	6,365,141		9,565,211		12,224,783
Warrants	—		18,458,701		18,458,703
Time-based RSUs	5,006,880		3,255,317		2,140,651
Total	165,626,684		185,756,261		189,914,957

Previous to the current ATM Program, the Company fully utilized a similar agreement under which the Company offered and sold 20,000,000 shares of the Company’s Class A common stock. During the year ended December 31, 2024, the Company issued and sold 18,262,622 shares of Class A common stock for the gross and net proceeds of $138,956 and $135,480, respectively, while during the year ended December 31, 2023, the Company issued and sold 1,737,378 shares of Class A common stock for the gross and net proceeds of $10,356 and $9,836, respectively.

During the year ended December 31, 2024, the weighted average price of Class A common shares sold equated to $9.76 per share.

Subsequent to December 31, 2024, the Company issued and sold 4,548,127 shares of Class A common stock for the gross and net proceeds of $102,416 and $99,855, respectively, under the ATM Program.

Warrant Liabilities	12 Months Ended
Warrant Liabilities	Dec. 31, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrant Liabilities	Warrant Liabilities On November 19, 2024, the Company provided notice in accordance with its Warrant Agreement dated November 23, 2020, between the Company and Continental Stock Transfer & Trust Company, as warrant agent, of the redemption of all Warrants outstanding as of 5:00 p.m., New York City time, on December 19, 2024 (the “Redemption Time”). As of the Redemption Time, 599,440 Warrants were outstanding and were redeemed by NuScale for $0.01 per Warrant. During the year ended December 31, 2024, Warrant holders exercised 17,859,261 Warrants for Class A common shares and $205,375 in cash, while during the year ended December 31, 2023, there were only nominal exchanges and 18,458,701 Warrants outstanding at year end. During the period from May 2, 2022, through December 31, 2022, 1,941,297 Warrants were exercised for Class A common shares and $22,325 in cash. There were no Warrants outstanding as of December 31, 2024.

Fair Value Measurement

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement


(in thousands)	Level 1	Level 2	Level 3	Total
Warrant Liabilities:
Public Warrants	2,963	—	—	2,963
Private Placement Warrants	—	2,759	—	2,759
Total Warrant Liabilities as of December 31, 2023	2,963	2,759	—	5,722

Accounts and Other Receivables	12 Months Ended
Accounts and Other Receivables	Dec. 31, 2024
Receivables [Abstract]
Accounts and Other Receivables	Accounts and Other Receivables Accounts and other receivables include reimbursement requests outstanding from the sponsored cost share awards, interest receivable and commercial accounts receivable associated with other federal projects. The DOE 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 consolidated statements of operations. As of December 31, 2024, and 2023, interest receivable of $1,398 and $318, respectively, was outstanding. As of December 31, 2024, the Company recorded $1,000 in allowance for credit losses, with no allowance for the previous years reported herein. The current allowance was recorded as a result of new discussions between management and one customer, whereby the customer informed the Company that certain invoices were not likely to be paid due to a lack of funding. There have been no recoveries or write off of accounts receivable in the current year. The allowance of credit loss on remaining accounts receivable balances is immaterial.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of December 31,
	2024		2023
Furniture and fixtures	$	27	$	27
Office and computer equipment	5,050		7,274
Software	11,855		14,102
Test equipment	1,165		1,165
Leasehold improvements	2,189		2,293
	20,286		24,861
Less: Accumulated depreciation	(17,909)		(20,745)
Add: Assets under development	44		—
Net property, plant and equipment	$	2,421	$	4,116

DCRA, LLM Agreement and Release Agreement	12 Months Ended
DCRA, LLM Agreement and Release Agreement	Dec. 31, 2024
Inventory Disclosure [Abstract]
DCRA, LLM Agreement and Release Agreement	DCRA, LLM Agreement and Release Agreement During the first quarter of 2023, we entered into the LLM Agreement with CFPP LLC. Related to this contract, the Company has subcontracted for the purchase of certain long-lead materials (“LLM”) in the amount of $55,700, that were to be used in fabrication of the NPMs as part of the DCRA with CFPP LLC. However, in November 2023, NuScale and CFPP LLC entered into the Release Agreement whereby the DCRA and LLM Agreement would be suspended, while wind down procedures and the ultimate disposition of the long-lead materials would be negotiated between the Company, CFPP LLC and DOE. As part of the Release Agreement, NuScale was required to pay $49,769 to CFPP LLC and provide a letter of credit in the amount of $5,000 for demobilization and wind down costs. This letter of credit is collateralized by $5,100 and included in the accompanying consolidated balance sheet as Restricted cash as of December 31, 2024 and 2023. 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 December 31, 2024 and 2023, NuScale has included a Long-lead material liability on the accompanying consolidated balance sheet in the amount of $32,327 and $32,323, respectively, for the estimated cost to gain 100% of the LLM, once completed. The LLM represents in-process inventory recorded at cost and is identified as Long-lead material work in process on the consolidated balance sheet in the amount of $43,388 and $36,361 as of December 31, 2024 and 2023, respectively.

Intangible Assets and Redeemable Common Units	12 Months Ended
Intangible Assets and Redeemable Common Units	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Redeemable Common Units	Intangible Assets and Redeemable Common Units In 2007, NuScale LLC entered into a patent license agreement (the “Agreement”) with OSU, which granted NuScale LLC a worldwide, exclusive license under three patents. In 2015, NuScale LLC entered into a “Purchase, Sale and License Agreement” (“PLA”) with OSU, whereby OSU sold and assigned to NuScale LLC certain patent and intellectual property rights, including the patent intellectual property rights that OSU formerly exclusively and non-exclusively licensed to NuScale LLC under the Agreement; and granted NuScale LLC a license to use, reproduce, prepare derivative works of, distribute, transmit, publicly perform and publicly display the testing data. As consideration of this purchase, NuScale LLC issued a cash payment of $1,000 upon execution of the agreement as well as on-going $25 quarterly cash payments continuing until the earlier of (i) such time as NuScale LLC completes the sale of its first commercial-scale nuclear module (exclusive of modules designated to validate the operability of a NuScale module) to a commercial customer or (ii) expiration of the term of the last valid claim under the assigned patents to expire. Additionally, NuScale LLC will make royalty payments to OSU on the sale of NuScale LLC’s first and subsequent commercial-scale nuclear modules to a commercial customer as follows: •0.25% of the then current commercial price paid to NuScale LLC for the first twenty-four (24) NuScale modules sold to commercial customers. •0.15% of the then current commercial price paid to NuScale LLC for the next twelve (12) NuScale modules sold to commercial customers. Under the initial PLA, NuScale LLC granted OSU 2,750,000 NuScale LLC common units valued at a weighted average price per unit of $0.25 determined on their respective grant date. Additionally, under the updated agreement, NuScale LLC granted OSU 3,250,000 NuScale LLC common units valued at $0.45 per unit on the grant date, resulting (in addition to the cash payment of $1,000) in a value assigned to the patents of $2,462 which is being amortized on a straight-line basis over the remaining life of the patents which is estimated to be through 2034. The gross carrying amount of the patents was $2,462 for each year included in our consolidated balance sheet herein. The accumulated amortization for the years ended December 31, 2024, 2023 and 2022 are $1,757, $1,580 and $1,403, respectively. Estimated amortization expense for each of the five succeeding years is expected to be $177 per year. Accordingly, as of December 31, 2021, the 6,000,000 NuScale LLC common units subject to possible redemption are presented as mezzanine equity, outside of Member’s Equity. Upon consummation of the Transaction, these 6,000,000 NuScale LLC common units were converted into NuScale LLC Class B units and an equivalent number of shares of NuScale Corp Class B common stock were issued and are now included in consolidated statement of changes in stockholders’ equity. Commencing on the effective date of the Agreement and continuing until such time as NuScale LLC completes the sale of its first commercial-scale nuclear module to a commercial customer, OSU shall have the right, but not the obligation, to sell all of its then current common share holdings in NuScale Holdings and all of its then current common stock in NuScale Corp (collectively the “NuScale Shares”) to NuScale LLC if, but only if, the NRC issues a written determination that : (a) OSU’s ownership of the NuScale Shares creates a conflict of interest for OSU; and (b) OSU must divest the entirety of such NuScale Shares in order to continue performing work on NuScale LLC’s behalf for certification of the NuScale reactor design. In the event OSU exercises such option, the parties shall enter into a Share Purchase and Sale Agreement, in form and substance reasonably acceptable to each party, pursuant to which OSU would agree to sell and NuScale LLC would agree to purchase all of the NuScale Shares for a price equal to the then current market value of the NuScale Shares.

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	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 2024 fiscal year these individuals made decisions on resource allocation, assess performance of the business and monitor budget versus actual results using Net loss, which is provided in the accompanying 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 salaries and wages, which are the significant expenses within Loss from operations and Net loss. Salaries and wages, totaled $69,130, $93,861 and $74,626 for the years ended December 31, 2024, 2023 and 2022, respectively and are included in all three of the Company’s operating expense line items on the consolidated statements of operations.

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

NuScale has also executed contracts that include variable consideration. The variable consideration is recognized subject to appropriate constraints, as required by GAAP, to avoid a significant reversal of revenue in future periods. Management reviews the Company’s variable consideration on at least a quarterly basis. At December 31, 2024, the Company has estimated variable consideration outstanding of $5,000, all of which is expected to be recognized during 2025.

Revenue is disaggregated below by the different services currently provided by the Company:


	For the Twelve Months Ended December 31,
	2024		2023		2022
Power Plant and NPM related services	$	36,161	$	21,120	$	10,843
Energy Exploration Centers	473		673		253
Other	411		1,017		708
Total	$	37,045	$	22,810	$	11,804

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits 401(k) Plan The Company sponsors a defined contribution 401(k) Plan with Company contributions to be made at the sole discretion of the 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 for the 401(k) Plan was $2,098, $2,691 and $2,511 for 2024, 2023 and 2022, respectively.

Equity-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

stock that were granted under the 2022 long-term incentive plan and remain unvested and subject to forfeiture as of December 31, 2022.

The Company measures the fair value of each share option grant at the date of grant using a Black-Scholes option pricing model.

Stock Options

The following table summarizes the stock options activity as of and for the period ended December 31, 2024:


		Weighted Average		Aggregate
Share Options	Number of Shares	Exercise Price		Intrinsic Value
Outstanding at December 31, 2023	9,565,211	$	4.09	$	307
Granted	2,909,375	$	3.20	$	—
Exercised	(5,214,202)	$	4.30	$	43,226
Forfeited	(636,728)	$	3.35	$	—
Expired	(258,515)	$	6.24	$	—
Outstanding at December 31, 2024	6,365,141	$	3.90	$	89,280
Exercisable at December 31, 2024	3,253,332	$	4.45	$	43,842
Vested and Expected to Vest at December 31, 2024	6,365,141	$	3.90	$	89,280

and $7,224, respectively. Total unrecognized stock option expense as of December 31, 2024 was $3,885 with a weighted-average period over which it is expected to be recognized of 1.1 years.

The assumptions used in determining the fair value of options granted during the years ended 2024 and 2022 are below, while no options were granted during the 2023 fiscal year:


	2024	2022
Risk-free interest rate	4.26%	1.44%
Expected dividend yield	NA	NA
Expected option life	6.00 years	6.25 years
Expected price volatility	75.37%	73.98%

Time-based RSUs

The following table summarizes the activity of our time-based RSUs as of and for the year ended, December 31, 2024:


		Weighted Average
Time-based RSUs	Number of RSUs	Grant-Date Fair Value
Outstanding at December 31, 2023	3,255,317	$	10.02
Granted	4,685,747	3.33
Vested	(1,119,972)	9.89
Forfeited/Expired	(1,814,212)	6.79
Outstanding at December 31, 2024	5,006,880	$	4.95

Common Unit Appreciation Rights

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Power, LLC. For the days and periods prior to the Transaction, NuScale Power, LLC was a partnership. As such, its net taxable loss and any related tax credits were allocated to its members.

A reconciliation of income tax expense with amounts computed at the federal statutory tax rate is as follows:


	Year Ended December 31, 2024		Year Ended December 31, 2023

Computed tax (21%)	$	(72,755)	$	(37,824)
Income tax benefit attributable to NCI	$	43,902	$	25,568
Change in valuation allowance	$	11,050	$	20,048
State income tax benefit, net of effect on federal tax	$	(1,700)	$	(2,831)
Non-deductible loss on warrants	$	19,259	$	—
Foreign withholding taxes	$	1,935	$	—
Other, net (none in excess of 5% of computed tax)	$	244	$	(4,961)
Income tax expense	$	1,935	$	—


Deferred Taxes	Year Ended December 31, 2024		Year Ended December 31, 2023
Deferred Tax Assets:
Investment in NuScale Power LLC	$	219,197	$	142,472
Net operating loss and credit carryforwards	$	30,035	$	11,919
Capital loss	$	69	$	—
Accrued Expenses	$	203	$	62
Stock Compensation	$	17	$	7
Total deferred tax assets	$	249,521	$	154,460
Valuation allowance	$	(249,521)	$	(154,460)
Total	$	—	$	—

Deferred Tax Liabilities (none noted)

Net deferred tax asset	$	—	$	—

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions From time to time, the Company enters into strategic agreements with Fluor, whereby Fluor or NuScale perform services for one another. For the years ended December 31, 2024, 2023 and 2022, NuScale incurred expenses for services by Fluor of $4,074, $32,875 and $31,289, respectively. While NuScale had owed no amounts to Fluor as of December 31, 2024, as of December 31, 2023, NuScale owed Fluor, as Accounts payable and accrued expenses on the consolidated balance sheet, amounts totaling $4,080. For the years ended December 31, 2024, 2023 and 2022, NuScale earned revenue from Fluor of $4,225, $16,897 and $8,550, respectively. As of December 31, 2024 and 2023, Fluor owes NuScale $3,655 and $2,642, respectively, amounts which are included in Accounts and other receivables on the consolidated balance sheet. For the years ended December 31, 2024, 2023 and 2022, revenue earned from Fluor accounted for 11.4%, 74.1% and 72.4%, respectively, of total revenue.

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. On September 19, 2022, thirteen purported members and/or option holders of NuScale LLC filed suit in the U.S. District Court for the District of Oregon against NuScale LLC, Fluor Enterprises, Japan NuScale Innovation, Inc., and Sargent & Lundy Holdings, LLC. The plaintiffs purport to represent a class of individuals who held common units or options to purchase common units in NuScale LLC and seek declaratory relief and damages based on breach of contract and other common law claims. The claims in the complaint are based on amendments to the operating agreement of NuScale LLC in connection with NuScale LLC’s combination with Spring Valley Acquisition Corp. On November 21, 2022, NuScale LLC, along with the other defendants, filed motions to dismiss. Plaintiffs filed a response on January 17, 2023, and NuScale LLC and the other defendants filed a reply on February 14, 2023. A hearing on the motions to dismiss was held on May 17, 2023. On August 3, 2023, the Magistrate Judge issued a report and recommendation that recommended that NuScale LLC’s motion to dismiss be denied. On August 17, 2023, NuScale LLC filed an objection to this report and recommendation. On November 13, 2023, the District Court Judge entered an order accepting the report and recommendation. On December 8, 2023, plaintiffs filed a motion for leave to amend their complaint, and on June 23, 2024, the Court denied this motion. Subsequent to year end, on February 13, 2025, the parties resolved the lawsuit and the complaint has been dismissed with prejudice. 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 assert 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. The Court appointed a lead plaintiff and lead counsel, and plaintiffs filed an amended complaint on April 18, 2024 that makes similar allegations as the original complaints. Defendants’ filed a motion to dismiss on June 17, 2024, and plaintiff filed a brief in opposition on August 1, 2024. Shortly thereafter, plaintiffs indicated they intended to seek leave to file a Second Amended Complaint to add allegations relating to the Company’s disclosure about the SEC inquiry disclosed in this Quarterly Report on Form 10-Q under Part II – Other Information, Item 1. Legal Proceedings. Defendants consented to plaintiffs’ request to amend, with the express caveat that defendants believed the proposed amendment to be futile and defendants would move to dismiss any Second Amended Complaint, including any new allegations. On September 20, 2024, plaintiffs filed the Second Amended Complaint, and on November 1, 2024, defendants moved to dismiss. Plaintiffs responded to Defendants’ motion to dismiss on December 17, 2024, and Defendants filed a reply in support of their motion to dismiss on January 24, 2025. The motion is now pending and awaiting a decision. While no assurance can be given as to the ultimate outcome of this matter, the Company does not believe it is probable that a loss will be incurred and the Company has not recorded any liability as a result of these actions. 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, fees and damages for a to-be certified class of plaintiffs. This lawsuit is in its early stages. In December 2023, the Company received a voluntary request from the SEC’s Denver Regional Office for information relating to its employment, severance, and confidentiality agreements. The Company has responded to those requests and intends to fully cooperate with the SEC. The Company cannot predict the timing or outcome of the SEC’s investigation at this time. 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 $32,327. On December 20, 2024, NuScale entered into a purchase commitment for additional material to support the development of future NPMs in the amount of $69,289. Under this commitment, the Company will pay $24,251 during the 2025 fiscal year, $34,645 during the 2026 fiscal year and $10,393 during the 2027 fiscal year. Effective January 1, 2025, the Company entered into sales and marketing agreements in the amount of $34,800 for services to be performed ratably over the 2025 fiscal year. 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 $7,363.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (136,623)	$ (58,362)	$ (25,914)

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended December 31, 2024, (a) the Company’s chief financial officer, Ramsey Hamady, adopted a plan which is intended to satisfy the affirmative defense of Rule 10b5-1(c) on December 13, 2024, which runs through December 10, 2025, and provides for the aggregate purchase or sale of 40,000 shares, and (b) the Company’s chief technology officer, Jose Reyes, adopted a plan which is intended to satisfy the affirmative defense of Rule 10b5-1(c) on November 13, 2024, which runs through November 14, 2025, and provides for the aggregate purchase or sale of 99,000 shares.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ramsey Hamady [Member]
Trading Arrangements, by Individual
Name	Ramsey Hamady
Title	chief financial officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 13, 2024
Expiration Date	December 10, 2025
Arrangement Duration	362 days
Aggregate Available	40,000	40,000
Jose Reyes [Member]
Trading Arrangements, by Individual
Name	Jose Reyes
Title	chief technology officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 13, 2024
Expiration Date	November 14, 2025
Arrangement Duration	366 days
Aggregate Available	99,000	99,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Compliance Officer and Vice President, Information Technology (“IT”), regularly brief the Board of Directors on our cybersecurity and information security posture and the Board of Directors is apprised of any cybersecurity incidents deemed to have a moderate or higher business impact. The Audit Committee of the Board of Directors is briefed by senior leadership, as appropriate, on the cybersecurity of DOE and NRC programs and the security of our business supply chain. Other than oversight of business cybersecurity, the full Board retains oversight of cybersecurity because of its importance to NuScale and the heightened risk in the nuclear power sector. In the event of an incident, we intend to follow our incident response playbook, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g. legal), as well as senior leadership and the Board, as appropriate. Our corporate information security organization, led by our Vice President, IT, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response. The current Vice President, IT has extensive information technology and program management experience, has over a decade of experience leading cybersecurity oversight, and others on our IT security team have cybersecurity experience or certifications, such as the Certified Information Systems Security Professional certification. The corporate information security organization manages and continually enhances a robust enterprise security structure with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while simultaneously increasing our system resilience in an effort to minimize the business impact should an incident occur. The corporate information security organization has implemented a governance structure and processes to assess, identify, manage and report cybersecurity risks. For the current reporting period, there have been no incidents that have materially affected or are reasonably likely to materially affect NuScale, including its business strategy, results of operations or financial condition. As a nuclear contractor, we must comply with extensive regulations, including requirements imposed by the DOE and NRC, related to adequately protecting safeguards information and reporting cybersecurity incidents to the DOE and NRC when required. We have implemented cybersecurity policies and frameworks based on industry and governmental standards to align closely with DOE and NRC requirements, instructions and guidance. In addition to following DOE and NRC guidance and implementing pre-existing third party frameworks, we have developed our own practices, which we believe enhance our ability to identify and manage cybersecurity risks. Third parties also play a role in our cybersecurity. We engage third-party services to conduct around the clock monitoring and prevention of suspected malicious activity on company-owned systems, filter all email and web browser activity, provide proactive threat intelligence services, and perform regular evaluations of our security controls, whether through external and internal network penetration testing, physical security assessments, independent audits or consulting. These evaluations include testing both the design and operational effectiveness of security controls. We also share and receive threat intelligence with our nuclear design and construction partners, government agencies, information sharing and analysis centers and cybersecurity associations. Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management (“ERM”) process. Cybersecurity related risks are included in the risk universe that the ERM function evaluates to assess top risks to the enterprise on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. The ERM process’s annual risk assessment is presented by the Senior Director, Treasury, SOX, ERM and ESG to the Board of Directors. We rely heavily on our supply chain to deliver our products and services to our customers, and a cybersecurity incident at a supplier, subcontractor or joint venture partner could materially adversely impact us. We assess third party cybersecurity controls through a cybersecurity questionnaire and include security and privacy addendums to our contracts where applicable. We also contractually flow cybersecurity regulatory requirements to our subcontractors as required by government agency-specific requirements. These contractual flow downs include the requirement that our subcontractors implement certain security controls. We also require that our subcontractors report cybersecurity incidents to us so that we can assess the impact of the incident on us. For select suppliers, we engage third-party cybersecurity monitoring and alerting services, and seek to work directly with those suppliers to address potential deficiencies identified. We also make available cybersecurity education and awareness materials and briefings to our suppliers, as necessary. Notwithstanding the extensive approach we take to cybersecurity, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. While NuScale Power maintains cybersecurity insurance, the costs related to cybersecurity threats or disruptions may not be fully insured. See Item 1A. “Risk Factors” for a discussion of cybersecurity risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management (“ERM”) process. Cybersecurity related risks are included in the risk universe that the ERM function evaluates to assess top risks to the enterprise on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. The ERM process’s annual risk assessment is presented by the Senior Director, Treasury, SOX, ERM and ESG to the Board of Directors.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Compliance Officer and Vice President, Information Technology (“IT”), regularly brief the Board of Directors on our cybersecurity and information security posture and the Board of Directors is apprised of any cybersecurity incidents deemed to have a moderate or higher business impact. The Audit Committee of the Board of Directors is briefed by senior leadership, as appropriate, on the cybersecurity of DOE and NRC programs and the security of our business supply chain. Other than oversight of business cybersecurity, the full Board retains oversight of cybersecurity because of its importance to NuScale and the heightened risk in the nuclear power sector. In the event of an incident, we intend to follow our incident response playbook, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g. legal), as well as senior leadership and the Board, as appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our corporate information security organization, led by our Vice President, IT, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our corporate information security organization, led by our Vice President, IT, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response. The current Vice President, IT has extensive information technology and program management experience, has over a decade of experience leading cybersecurity oversight, and others on our IT security team have cybersecurity experience or certifications, such as the Certified Information Systems Security Professional certification.
Cybersecurity Risk Role of Management [Text Block]	The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Compliance Officer and Vice President, Information Technology (“IT”), regularly brief the Board of Directors on our cybersecurity and information security posture and the Board of Directors is apprised of any cybersecurity incidents deemed to have a moderate or higher business impact. The Audit Committee of the Board of Directors is briefed by senior leadership, as appropriate, on the cybersecurity of DOE and NRC programs and the security of our business supply chain. Other than oversight of business cybersecurity, the full Board retains oversight of cybersecurity because of its importance to NuScale and the heightened risk in the nuclear power sector. In the event of an incident, we intend to follow our incident response playbook, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g. legal), as well as senior leadership and the Board, as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our corporate information security organization, led by our Vice President, IT, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The current Vice President, IT has extensive information technology and program management experience, has over a decade of experience leading cybersecurity oversight, and others on our IT security team have cybersecurity experience or certifications, such as the Certified Information Systems Security Professional certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Compliance Officer and Vice President, Information Technology (“IT”), regularly brief the Board of Directors on our cybersecurity and information security posture and the Board of Directors is apprised of any cybersecurity incidents deemed to have a moderate or higher business impact.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation As part of the Transaction, NuScale Corp has been determined to be the primary beneficiary of NuScale LLC, a variable interest entity (“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 consolidated financial statements. All assets and liabilities included in the consolidated balance sheet are that of NuScale LLC, other than the Warrants and certain prepaid assets. All intercompany transactions have been eliminated upon consolidation.
Changes in Presentation	Changes in Presentation For the year ended December 31, 2023, $1,855 was reclassified out of Other expenses and into R&D expenses to conform to the current year presentation, while for December 31, 2022, amounts totaling $4,246 and $3,504 were reclassified out of G&A expenses and into R&D expenses and Other expenses, respectively. For the year ended December 31, 2022, sponsored cost share totaling $177 that was previously included in Interest income has been reclassified to Sponsored cost share to conform to the current year presentation on the accompanying consolidated statements of operations. No such reclassifications were required for the 2023 fiscal year.
Subsequent Events	Subsequent Events The Company follows the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 855, Subsequent Events, for disclosing subsequent events. These subsequent events are disclosed in note 4, note 14 and note 17, which are the footnotes they are applicable to.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions. NuScale believes that the estimates, judgments and assumptions made when accounting for items and matters such as, but not limited to, depreciation, amortization, in-process research and development (“IPR&D”), asset valuations, equity-based compensation and contingencies are reasonable, based on information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements, as well as amounts reported on the statements of operations during the periods presented. Actual results could differ from those estimates.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents 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 time of purchase. Cash equivalents with an initial maturity of between three and twelve months at time of purchase are presented as short-term investments on the accompanying consolidated balance sheet. Cash equivalents and short-term investments consist of certificates of deposit. These certificates of deposit are classified as held-to-maturity, and the estimated fair value of the investment approximates its amortized cost.
Accounts and Other Receivables	Accounts and Other Receivables Accounts and other receivables include reimbursement requests outstanding from cost share agreements with various entities, interest receivable and commercial accounts receivable associated with other federal projects. The reimbursement requests outstanding from DOE awards are recognized as eligible costs are incurred. Reimbursement under the awards are included in Sponsored cost share in the consolidated statements of operations. Accounts receivable are presented net of allowance for credit losses. Management estimates an allowance for credit losses by evaluating customer-specific conditions, including adverse situations that may affect a customer’s ability to pay, as well as both microeconomic and macroeconomic factors.
In-process Research and Development	In-process Research and Development IPR&D represents incomplete research and development projects that had not reached technological feasibility as of their acquisition date in 2011. Due to the nature of IPR&D, the expected life is indefinite, and it will be evaluated periodically for attainment of technological feasibility or impairment. Technological feasibility is established when an enterprise has completed all planning, designing, coding and testing activities that are necessary to establish that a product can be produced to meet its design specifications including functions, features and technical performance requirements. IPR&D was concluded to include both fundamental and defensive technologies comprised of OSU-licensed and NuScale-owned patented and unpatented technology and trade secrets. Such technologies are designed to work together in the operation of a nuclear power module. IPR&D is amortized over its estimated useful life once technological feasibility is reached. As the Company has not yet completed all designing, coding and testing activities, management has determined that technological feasibility has not yet been reached. Management has not identified any indicators that would suggest any impairment of the IPR&D. If IPR&D is determined not to have technological feasibility or is abandoned, it will be impaired or written off at such time.
Revenue Recognition	Revenue Recognition In addition to advancing the commercialization of its SMR, the Company 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 consolidated balance sheet. Amounts billed to clients in excess of revenue recognized are classified as a current liability under Deferred revenue. The Company excludes from its measurement of transaction prices all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of sales. Customer payments on contracts are typically due within 30 days of billing, depending on the contract. The Company generally provides limited warranties for work performed under its engineering contracts. The warranty periods typically extend for a limited duration following substantial completion of the Company’s work on a project. Historically, warranty claims have not resulted in material costs incurred, and for the periods presented, no warranty liability has been recorded.
Sponsored Cost Share	Sponsored Cost Share As our commercialization activities advance, we have continued to enter into cost share agreements with various entities, including both governmental and private, under which the Company is reimbursed for specific R&D activities. As of December 31, 2024, these entities include DOE, United States Department of State and United States Trade and Development Agency (combined as “USG”), CFPP LLC and RoPower Nuclear S.A (“RoPower”).
Fair Value Measurement	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 short-term investments, prepaid expenses and deposits, accounts payable and accrued expenses approximates fair value due to their short maturities.
Property, Plant and Equipment	Property, Plant and Equipment All additions, including betterments to existing facilities, are recorded at cost. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of the assets and the related accumulated depreciation is derecognized with any gain or loss recorded in the year of disposition. Depreciation is based on the estimated useful lives of the assets using the straight-line method. Furniture and fixtures are depreciated over useful lives of seven years. Computer software is depreciated over useful lives of three to five years. Office and computer equipment is depreciated over useful lives of five years. Test equipment is depreciated over useful lives of five years. Leasehold improvements are depreciated over the shorter of their estimated useful life or the remaining term of the associated lease.
Long-Lived Assets	Long-Lived Assets Long-lived assets including primarily property and equipment and acquired IPR&D are reviewed for impairment annually and when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. If this review indicates that the carrying amount will not be recoverable, as determined based on comparing the estimated undiscounted future cash flows to the carrying amount, impairment is measured by comparing the carrying amount to fair value.
Goodwill	Goodwill Goodwill is the excess of the purchase price paid over the fair value of the net assets of a business acquired in a purchase business combination. Goodwill is not amortized but is reviewed for impairment annually, on the first day of the fourth quarter, or whenever events or changes in circumstances arise during the year that indicate the carrying amount of goodwill may not be recoverable. Impairment exists when the carrying amount of the reporting unit exceeds its fair value and an impairment loss is recognized.
Warrant Liability	Warrant Liability The Company accounted for the Warrants in accordance with the guidance contained in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, under which the Warrants did not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classified the Warrants as liabilities at their fair value and adjusted the Warrants to fair value at each reporting period. This liability was subject to re-measurement at each balance sheet date until exercised or redeemed, and any change in fair value is recognized in the Company’s consolidated statements of operations. The fair value of the Warrants had been estimated using the Public Warrants’ quoted market price.
Equity-Based Compensation	Equity-Based Compensation Our long-term incentive plan provides for grants of nonqualified or incentive stock options, restricted stock award units (“RSU”s) and performance-based award units. Equity-based compensation is measured using a fair value-based method for all equity-based awards. The cost of awarded equity instruments is recognized based on each instrument’s grant-date fair value over the period during which the grantee is required to provide service in exchange for the award. The determination of fair value for nonqualified or incentive stock options requires significant judgment and the use of estimates, particularly with regard to Black-Scholes assumptions such as stock price, volatility and expected option lives to value equity-based compensation, while forfeitures are recognized as incurred. The grant date fair value of RSUs is based on the closing market price of our Class A common stock on the grant date as stated on the NYSE. The option valuation model used to calculate the Company’s options uses the treasury yield curve rates for the risk-free interest rate for a period equal to the expected option life and the simplified method to calculate the expected option life (options qualified as ‘plain vanilla’ under the provisions of Staff Accounting Bulletin 107). Volatility is determined by reference to the actual volatility of several publicly traded companies that are similar to NuScale in its industry sector. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. Forfeitures are recognized as they occur. All equity-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards. Equity-based compensation is recorded as a General and administrative expense and Other expense in the consolidated statements of operations.
Research and Development	Research and Development R&D expenses represent costs incurred for designing and engineering products, including the costs of developing design tools. All research and development costs related to product development are expensed as incurred.
Advertising and Marketing	Advertising and Marketing Advertising costs are expensed as incurred and are recognized as a component of general and administrative expenses on the consolidated statements of operations.
Income Taxes	Income Taxes NuScale Corp accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that the deferred tax assets will be realized. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change. The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return, which are subject to examination by federal and state taxing authorities. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management’s estimates of the ultimate outcome of various tax uncertainties. Once identified, the Company will recognize penalties and interest related to uncertain tax positions within the provision (benefit) for income taxes line in the accompanying consolidated statements of operations. NuScale LLC is a limited liability company treated as a partnership for U.S. federal income tax purposes that is not subject to U.S. federal income tax. As such, its net taxable income or loss and any related tax credits are allocated to its members.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the FASB. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. NuScale adopted ASU 2023-07 effective December 31, 2024, on a retrospective basis. The adoption of 2023-07 did not change the way that the Company identifies its reportable segments and, as a result, did not have a material impact on the Company’s segment-related disclosures. Refer to Note 11 for further information on NuScale’s reportable segment. 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.

Equity and Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest And Earnings Per Share [Abstract]

Schedule of Non-Controlling Interests


	As of and for the year ended December 31,		As of and for the period from May 2, 2022 through December 31, 2022
	2024	2023
NuScale Corp Class A common stock
Beginning of period	76,895,166	69,353,019	41,971,380
Exchange of combined interests into Class A common stock	222,369	2,613,788	21,305,891
Issuance of Class A common stock	21,527,146	1,737,378	—
Vesting or exercise of equity awards	24,197,793	3,190,981	4,431,824
Vesting of earn out shares	—	—	1,643,924
End of period	122,842,474	76,895,166	69,353,019

NuScale LLC Class B units (NCI)
Beginning of period	154,477,032	157,090,820	178,396,711
Exchange of combined interests into Class A common stock	(222,369)	(2,613,788)	(21,305,891)
End of period	154,254,663	154,477,032	157,090,820

Total
Beginning of period	231,372,198	226,443,839	220,368,091
Issuance of Class A common stock	21,527,146	1,737,378	—
Vesting or exercise of equity awards	24,197,793	3,190,981	4,431,824
Vesting of earn out shares	—	—	1,643,924
End of period	277,097,137	231,372,198	226,443,839

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


	As of and for the year ended December 31,				As of and for the period from May 2, 2022 through December 31, 2022
	2024		2023
NuScale Corp Class A common stock
Beginning of period	33.2	%	30.6	%	19.0	%
End of period	44.3	%	33.2	%	30.6	%

NuScale LLC Class B units (NCI)
Beginning of period	66.8	%	69.4	%	81.0	%
End of period	55.7	%	66.8	%	69.4	%

Schedule of Earnings Per Share, Basic and Diluted


	As of and for the year ended December 31,				As of and for the period from May 2, 2022 through December 31, 2022
	2024		2023
Net loss attributable to Class A common stockholders	(136,623)		(58,362)		(25,914)
Weighted-average shares for basic and diluted loss per share	93,249,872		73,386,018		50,763,844
Basic and Diluted loss per share of Class A common stock	$	(1.47)	$	(0.80)	$	(0.51)
Anti-dilutive securities excluded from shares outstanding:
Class B common shares	154,254,663		154,477,032		157,090,820
Stock options	6,365,141		9,565,211		12,224,783
Warrants	—		18,458,701		18,458,703
Time-based RSUs	5,006,880		3,255,317		2,140,651
Total	165,626,684		185,756,261		189,914,957

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

The following table represents the Company’s financial liabilities measured at fair value on a recurring basis for the previous year:


(in thousands)	Level 1	Level 2	Level 3	Total
Warrant Liabilities:
Public Warrants	2,963	—	—	2,963
Private Placement Warrants	—	2,759	—	2,759
Total Warrant Liabilities as of December 31, 2023	2,963	2,759	—	5,722

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of December 31,
	2024		2023
Furniture and fixtures	$	27	$	27
Office and computer equipment	5,050		7,274
Software	11,855		14,102
Test equipment	1,165		1,165
Leasehold improvements	2,189		2,293
	20,286		24,861
Less: Accumulated depreciation	(17,909)		(20,745)
Add: Assets under development	44		—
Net property, plant and equipment	$	2,421	$	4,116

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue is disaggregated below by the different services currently provided by the Company:


	For the Twelve Months Ended December 31,
	2024		2023		2022
Power Plant and NPM related services	$	36,161	$	21,120	$	10,843
Energy Exploration Centers	473		673		253
Other	411		1,017		708
Total	$	37,045	$	22,810	$	11,804

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

The following table summarizes the stock options activity as of and for the period ended December 31, 2024:


		Weighted Average		Aggregate
Share Options	Number of Shares	Exercise Price		Intrinsic Value
Outstanding at December 31, 2023	9,565,211	$	4.09	$	307
Granted	2,909,375	$	3.20	$	—
Exercised	(5,214,202)	$	4.30	$	43,226
Forfeited	(636,728)	$	3.35	$	—
Expired	(258,515)	$	6.24	$	—
Outstanding at December 31, 2024	6,365,141	$	3.90	$	89,280
Exercisable at December 31, 2024	3,253,332	$	4.45	$	43,842
Vested and Expected to Vest at December 31, 2024	6,365,141	$	3.90	$	89,280

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in determining the fair value of options granted during the years ended 2024 and 2022 are below, while no options were granted during the 2023 fiscal year:


	2024	2022
Risk-free interest rate	4.26%	1.44%
Expected dividend yield	NA	NA
Expected option life	6.00 years	6.25 years
Expected price volatility	75.37%	73.98%

Schedule of Time-based Restricted Stock Units

The following table summarizes the activity of our time-based RSUs as of and for the year ended, December 31, 2024:


		Weighted Average
Time-based RSUs	Number of RSUs	Grant-Date Fair Value
Outstanding at December 31, 2023	3,255,317	$	10.02
Granted	4,685,747	3.33
Vested	(1,119,972)	9.89
Forfeited/Expired	(1,814,212)	6.79
Outstanding at December 31, 2024	5,006,880	$	4.95

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense with amounts computed at the federal statutory tax rate is as follows:


	Year Ended December 31, 2024		Year Ended December 31, 2023

Computed tax (21%)	$	(72,755)	$	(37,824)
Income tax benefit attributable to NCI	$	43,902	$	25,568
Change in valuation allowance	$	11,050	$	20,048
State income tax benefit, net of effect on federal tax	$	(1,700)	$	(2,831)
Non-deductible loss on warrants	$	19,259	$	—
Foreign withholding taxes	$	1,935	$	—
Other, net (none in excess of 5% of computed tax)	$	244	$	(4,961)
Income tax expense	$	1,935	$	—

Schedule of Deferred Tax Assets and Liabilities


Deferred Taxes	Year Ended December 31, 2024		Year Ended December 31, 2023
Deferred Tax Assets:
Investment in NuScale Power LLC	$	219,197	$	142,472
Net operating loss and credit carryforwards	$	30,035	$	11,919
Capital loss	$	69	$	—
Accrued Expenses	$	203	$	62
Stock Compensation	$	17	$	7
Total deferred tax assets	$	249,521	$	154,460
Valuation allowance	$	(249,521)	$	(154,460)
Total	$	—	$	—

Deferred Tax Liabilities (none noted)

Net deferred tax asset	$	—	$	—

The Company (Details) $ in Thousands		1 Months Ended
The Company (Details) $ in Thousands	Jan. 05, 2024 employee	Feb. 29, 2020 USD ($)	Dec. 31, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of positions eliminated \| employee	154
Transition percentage	28.00%
Restructuring charges			$ 3,236
Collaborative arrangement, obligated amount to receivable			262,656
Collaborative arrangement, obligated amount			$ 262,655
Nuscale SMR FOAK Nuclear Demonstration Readiness Project Completion
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum amount awarded		$ 350,000
Cost share		$ 350
Cost share (as a percent)		50.00%
Nuscale SMR FOAK Nuclear Demonstration Readiness Project Completion \| Government
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost share		$ 350
Cost share (as a percent)		50.00%

Merger Transaction - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	May 02, 2022 USD ($)
Business Acquisition [Line Items]
Right to cancel stock, ratio	1
Recapitalization exchange ratio	1
Sale of stock, number of shares issued in transaction (in shares) \| shares	23,700,002
Sale of stock, consideration received on transaction	$ 235,000
Net cash tax savings from certain tax benefits percentage					85.00%
Net cash tax savings from remaining tax benefits percentage					15.00%
Spring Valley
Business Acquisition [Line Items]
Cash					$ 341,500
Warrant liabilities					$ 47,500
Class B
Business Acquisition [Line Items]
Common stock, par value (usd per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Class A
Business Acquisition [Line Items]
Common stock, par value (usd per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Class B Units
Business Acquisition [Line Items]
Number of units exchanged for common stock (in shares) \| shares		24,142,048
Tax receivable agreement, obligation from Class B Units exchange		$ 63,360

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Other expenses	$ 48,115,000	$ 57,960,000	$ 51,513,000
Research and development expenses	46,817,000	156,050,000	127,662,000
Restricted cash, current	$ 5,100,000	5,100,000
Prepaid and other assets noncurrent portion		15,000,000
Customer payment period	30 days
Property, plant and equipment, useful life	5 years
Equity-based compensation, fair value assumptions, expected dividend rate	0.00%
Advertising costs	$ 19,976,000	14,617,000	7,340,000
DOE
Significant Accounting Policies [Line Items]
Collaborative arrangement, cost share	342,000	29,320,000	72,337,000
United State Trade and Development Agency
Significant Accounting Policies [Line Items]
Collaborative arrangement, cost share	6,204,000	23,828,000	177,000
CFPP LLC
Significant Accounting Policies [Line Items]
Collaborative arrangement, cost share	$ 338,000	7,883,000	0
Furniture and fixtures
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	7 years
Office and computer equipment
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	5 years
Revision of Prior Period, Reclassification, Adjustment
Significant Accounting Policies [Line Items]
Other expenses		(1,855,000)	3,504,000
Research and development expenses		$ 1,855,000	4,246,000
Collaborative arrangement, cost share			177,000
Interest income (expense) reclassified amount			$ 177,000
Minimum \| Software
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	3 years
Maximum \| Software
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	5 years

Equity and Loss Per Share - Schedule of Non-Controlling Interests (Details) - shares	8 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Roll Forward]
Beginning of period (shares)	220,368,091	231,372,198	226,443,839
Issuance of Class A common stock (shares)	0	21,527,146	1,737,378
Vesting or exercise of equity awards (shares)	4,431,824	24,197,793	3,190,981
Vesting of earn out shares (shares)	1,643,924	0	0
End of period (shares)	226,443,839	277,097,137	231,372,198
Class A
Noncontrolling Interest [Roll Forward]
Beginning of period (shares)	41,971,380	76,895,166	69,353,019
Exchange of combined interests into Class A common stock (in shares)	21,305,891	222,369	2,613,788
Vesting or exercise of equity awards (shares)	4,431,824	24,197,793	3,190,981
Vesting of earn out shares (shares)	1,643,924	0	0
End of period (shares)	69,353,019	122,842,474	76,895,166
Class A \| NuScale Corp
Noncontrolling Interest [Roll Forward]
Issuance of Class A common stock (shares)	0	21,527,146	1,737,378
Controlling and Non Controlling Interest [Roll Forward]
Beginning of period	19.00%	33.20%	30.60%
End of period	30.60%	44.30%	33.20%
Class B
Noncontrolling Interest [Roll Forward]
Beginning of period (shares)	178,396,711	154,477,032	157,090,820
Exchange of combined interests into Class A common stock (in shares)	(21,305,891)	(222,369)	(2,613,788)
End of period (shares)	157,090,820	154,254,663	154,477,032
Class B \| NuScale LLC
Controlling and Non Controlling Interest [Roll Forward]
Beginning of period	81.00%	66.80%	69.40%
End of period	69.40%	55.70%	66.80%

Equity and Loss Per Share - Narrative (Details) $ / shares in Units, $ in Thousands			2 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) vote shares	Nov. 08, 2024 USD ($)	Mar. 03, 2025 USD ($) shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 shares
Noncontrolling Interest [Line Items]
Common unit, vote per share \| vote	1			1
Common equivalent ratio				1
Cumulative preferred return				10.00%
Reverse recapitalization (in shares) \| shares				178,396,711
Common stock, vote per share \| vote	1			1
Sale of stock, consideration received on transaction \| $						$ 235,000
Sale of stock, number of shares issued in transaction (in shares) \| shares						23,700,002
Class A
Noncontrolling Interest [Line Items]
Common stock, shares authorized (shares) \| shares	332,000,000			332,000,000	332,000,000		332,000,000
Sale of stock, price per share (in dollars per share) \| $ / shares				$ 9.76
Class A \| ATM Program
Noncontrolling Interest [Line Items]
Sale of stock, consideration received on transaction \| $	$ 128,838	$ 200,000
Sale of stock, number of shares issued in transaction (in shares) \| shares				3,264,524
Proceeds from issuance of common stock gross \| $				$ 71,162
Proceeds from issuance of common stock net \| $				$ 69,218
Common stock, shares authorized (shares) \| shares	21,735,476			21,735,476
Class A \| Previous ATM Program
Noncontrolling Interest [Line Items]
Sale of stock, authorized number of shares (in shares) \| shares	20,000,000			20,000,000
Sale of stock, number of shares issued in transaction (in shares) \| shares				18,262,622	1,737,378
Proceeds from issuance of common stock gross \| $				$ 138,956	$ 10,356
Proceeds from issuance of common stock net \| $				$ 135,480	$ 9,836
Class A \| Subsequent Event
Noncontrolling Interest [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares			4,548,127
Proceeds from issuance of common stock gross \| $			$ 102,416
Proceeds from issuance of common stock net \| $			$ 99,855

Equity and Loss Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest And Earnings Per Share [Abstract]
Net loss attributable to Class A common stockholders	$ (25,914)	$ (136,623)	$ (58,362)
Net loss attributable to Class A common stockholders	$ (25,914)	$ (136,623)	$ (58,362)
Weighted-average shares for basic loss per share (shares)	50,763,844	93,249,872	73,386,018	50,763,844
Weighted-average shares for diluted loss per share (shares)	50,763,844	93,249,872	73,386,018	50,763,844
Basic loss per share of Class A common stock (usd per share)	$ (0.51)	$ (1.47)	$ (0.80)	$ (0.51)
Diluted loss per share of Class A common stock (usd per share)	$ (0.51)	$ (1.47)	$ (0.80)	$ (0.51)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	189,914,957	165,626,684	185,756,261
Class B common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	157,090,820	154,254,663	154,477,032
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	12,224,783	6,365,141	9,565,211
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	18,458,703	0	18,458,701
Time-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,140,651	5,006,880	3,255,317

Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 19, 2024	Dec. 31, 2023
Warrants and Rights Note Disclosure [Abstract]
Class of warrant outstanding (shares)		0	599,440	18,458,701
Redemption price (usd per share)			$ 0.01
Number of warrants exercised (in shares)	1,941,297	17,859,261
Proceeds from warrant exchange	$ 22,325	$ 205,375

Fair Value Measurement (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	$ 0	$ 5,722
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		5,722
Fair Value, Recurring \| Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		2,963
Fair Value, Recurring \| Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		2,759
Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		2,963
Level 1 \| Fair Value, Recurring \| Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		2,963
Level 1 \| Fair Value, Recurring \| Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		0
Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		2,759
Level 2 \| Fair Value, Recurring \| Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		0
Level 2 \| Fair Value, Recurring \| Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		2,759
Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		0
Level 3 \| Fair Value, Recurring \| Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		0
Level 3 \| Fair Value, Recurring \| Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		$ 0

Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Interest receivable	$ 1,398	$ 318
Allowance for credit losses	$ 1

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (17,909)	$ (20,745)
Net property, plant and equipment	2,421	4,116
Depreciation	1,665	2,380	$ 2,521
General and Administrative Expense
Property, Plant and Equipment [Line Items]
Depreciation	318	520	770
Other Expense
Property, Plant and Equipment [Line Items]
Depreciation	1,347	1,860	$ 1,751
Depreciable Property, Plant And Equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	20,286	24,861
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	27	27
Office and computer equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	5,050	7,274
Software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	11,855	14,102
Test equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	1,165	1,165
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	2,189	2,293
Asset under development
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	$ 44	$ 0

DCRA, LLM Agreement and Release Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Nov. 07, 2023	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted cash	$ 5,100	$ 5,100
Purchase of certain long-lead materials	32,327	32,323
Long-lead material work in process	43,388	$ 36,361
CFPP LLC \| Long Lead Material Contract
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Long-lead material liability				$ 55,700
Settlement and release agreement, initial payment, agreed amount			$ 49,769
Letters of credit			$ 5,000
Purchase of certain long-lead materials	$ 32,327
Estimated cost percentage	100.00%	100.00%
Long-lead material work in process	$ 43,388	$ 36,361

Intangible Assets and Redeemable Common Units (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) module $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 shares	Dec. 31, 2007 patent
Federal Home Loan Bank, Advances [Line Items]
Number of patents \| patent						3
Cash payment upon execution of agreement	$ 1
On-going quarterly cash payments	$ 25
Current commercial price paid for the first 24 modules sold to commercial customers (as a percent)	0.25%
Number of modules sold under first commercial scale \| module	24
Current commercial price paid for the next 12 modules sold to commercial customers (as a percent)	0.15%
Number of modules sold under subsequent commercial scale \| module	12
Temporary equity, shares outstanding (in shares) \| shares				0	6,000,000
NuScale Corp Class B common stock
Federal Home Loan Bank, Advances [Line Items]
Total Shares (shares) \| shares		154,254,663	154,477,032	157,090,820
Oregon State University \| Purchase Sale And License Agreement
Federal Home Loan Bank, Advances [Line Items]
Cash payment upon execution of agreement	$ 1
Gross carrying amount	$ 2,462
Expected amortization, year one		$ 177
Expected amortization, year two		177
Expected amortization, year three		177
Expected amortization, year four		177
Expected amortization, year five		177
Temporary equity, shares outstanding (in shares) \| shares					6,000,000
Oregon State University \| Purchase Sale And License Agreement \| Patents
Federal Home Loan Bank, Advances [Line Items]
Gross carrying amount		2,462
Accumulated amortization		$ 1,757	$ 1,580	$ 1,403
Oregon State University \| Purchase Sale And License Agreement \| Initial Offering
Federal Home Loan Bank, Advances [Line Items]
Shares issued (shares) \| shares	2,750,000
Weighted average price per unit (usd per share) \| $ / shares	$ 0.25
Oregon State University \| Purchase Sale And License Agreement \| Secondary Offering
Federal Home Loan Bank, Advances [Line Items]
Shares issued (shares) \| shares	3,250,000
Weighted average price per unit (usd per share) \| $ / shares	$ 0.45
Oregon State University \| Purchase Sale And License Agreement \| NuScale Corp Class B common stock
Federal Home Loan Bank, Advances [Line Items]
Total Shares (shares) \| shares					6,000,000

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Salaries and wages expense \| $	$ 69,130	$ 93,861	$ 74,626

Revenue- Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue performance obligation outstanding amount	$ 5,000
Fluor
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, stated contract value	$ 35,300

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 37,045	$ 22,810	$ 11,804
Power Plant and NPM related services
Disaggregation of Revenue [Line Items]
Revenue	36,161	21,120	10,843
Energy Exploration Centers
Disaggregation of Revenue [Line Items]
Revenue	473	673	253
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 411	$ 1,017	$ 708

Employee Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan expense	$ 2,098	$ 2,691	$ 2,511
Defined Contribution Plan, Tranche One
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	3.00%
Defined Contribution Plan, Tranche Two
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	2.00%
Defined contribution plan, employer matching contribution, percent of match	50.00%

Equity-Based Compensation - Narrative (Details) - USD ($)				1 Months Ended		12 Months Ended
	Feb. 28, 2025	Jan. 01, 2023	Jul. 05, 2022	Feb. 28, 2022	Apr. 30, 2013	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2013
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense						$ 13,642,000	$ 16,239,000	$ 10,821,000
Vesting percentage						25.00%
Increase to share pool, shares		8,972,128
Common stock share percentage		4.00%
Aggregate fair value						$ 1,063,000	3,213,000	$ 3,673,000
Contractual term, outstanding (in years)						5 years 10 months 24 days
Contractual term, exercisable (in years)						4 years
Weighted average grant date fair value (per share)						$ 3.20		$ 6.29
Options, intrinsic value						$ 0
Exercise of common unit options						22,405,000	6,291,000	$ 7,224,000
Unrecognized stock option expense						$ 3,885,000
Weighted-average period (in years)						1 year 1 month 6 days
General and Administrative Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense						$ 6,581,000	6,509,000	5,197,000
Other Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense						$ 7,061,000	9,730,000	5,624,000
Time-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage					33.33%
Award vesting period						3 years
Weighted-average period (in years)						10 months 24 days
Aggregate fair value of RSUs vested						$ 11,072,000	$ 6,016,000	$ 0
Restricted stock or unit expense						$ 15,738,000
Time-based RSUs \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.33%
Award vesting period	3 years
Shares approved (shares)	1,611,357
Shares approved, value	$ 27,699,000
Time-based RSUs \| New Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						3 years
Time-based RSUs \| Independent Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						1 year
Common Unit Appreciation Rights (UARs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense				$ 1,490,000
Vesting percentage									33.33%
Share based compensation arrangement, number of shares granted (shares)									1,000
Strike price (usd per share)									$ 0.11
Share based compensation arrangement, accrued liability to settle award				$ 1,540,000
Retired Or Over Five Years Experience
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award requisite service period						5 years
Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award requisite service period						1 year
Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award requisite service period						3 years
Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversions in period (shares)			14,742,933
Number of shares registered in filing (shares)			17,760,961

Equity-Based Compensation - Plan Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Number of Shares
Outstanding at beginning balance (shares) \| shares	9,565,211
Granted (shares) \| shares	2,909,375
Exercised (shares) \| shares	(5,214,202)
Forfeited (shares) \| shares	(636,728)
Expired (shares) \| shares	(258,515)
Outstanding at ending balance (shares) \| shares	6,365,141
Exercisable (shares) \| shares	3,253,332
Vested or expected to vest (shares) \| shares	6,365,141
Weighted Average Exercise Price
Outstanding at beginning balance (usd per share) \| $ / shares	$ 4.09
Granted (usd per share) \| $ / shares	3.20
Exercised (usd per share) \| $ / shares	4.30
Forfeited (usd per share) \| $ / shares	3.35
Expired (usd per share) \| $ / shares	6.24
Outstanding at ending balance (usd per share) \| $ / shares	3.90
Exercisable (usd per share) \| $ / shares	4.45
Vested or expected to vest (usd per share) \| $ / shares	$ 3.90
Aggregate Intrinsic Value
Outstanding at beginning balance \| $	$ 307
Exercised \| $	43,226
Outstanding at ending balance \| $	89,280
Exercisable \| $	43,842
Vested and Expected to vest \| $	$ 89,280

Equity-Based Compensation - Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.26%	1.44%
Expected option life	6 years	6 years 3 months
Expected price volatility	75.37%	73.98%

Equity-Based Compensation - Schedule of Time-based Restricted Stock Units (Details) - Time-based RSUs	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of RSUs
Outstanding at beginning balance (shares) \| shares	3,255,317
Granted (shares) \| shares	4,685,747
Vested (shares) \| shares	(1,119,972)
Forfeited/Expired (shares) \| shares	(1,814,212)
Outstanding at ending balance (shares) \| shares	5,006,880
Weighted Average Grant-Date Fair Value
Outstanding at beginning balance \| $ / shares	$ 10.02
Granted (usd per share) \| $ / shares	3.33
Vested (usd per share) \| $ / shares	9.89
Forfeited/Expired (usd per share) \| $ / shares	6.79
Outstanding at ending balance \| $ / shares	$ 4.95

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 01, 2022
Income Tax Examination [Line Items]
Foreign income taxes	$ 1,935	$ 0	$ 0
Income tax expense	1,935	0	$ 0
Net operating loss carryforwards	$ 30,035	$ 11,919
NuScale Corp \| Class A
Income Tax Examination [Line Items]
Noncontrolling interest, ownership percentage	44.30%	33.20%	30.60%	19.00%
Domestic Tax Jurisdiction
Income Tax Examination [Line Items]
Net operating loss carryforwards	$ 25,415
Net operating loss carryforwards, subject to expiration	$ 4,620

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Computed tax (21%)	$ (72,755)	$ (37,824)
Income tax benefit attributable to NCI	43,902	25,568
Change in valuation allowance	11,050	20,048
State income tax benefit, net of effect on federal tax	(1,700)	(2,831)
Non-deductible loss on warrants	19,259	0
Foreign withholding taxes	1,935	0
Other, net (none in excess of 5% of computed tax)	244	(4,961)
Income tax expense	$ 1,935	$ 0	$ 0
Effective tax rate	5.00%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets:
Investment in NuScale Power LLC	$ 219,197	$ 142,472
Net operating loss and credit carryforwards	30,035	11,919
Capital loss	69	0
Accrued Expenses	203	62
Stock Compensation	17	7
Total deferred tax assets	249,521	154,460
Valuation allowance	(249,521)	(154,460)
Total	0	0
Deferred Tax Liabilities (none noted)
Net deferred tax asset	$ 0	$ 0

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 4,074	$ 32,875	$ 31,289
Revenue	37,045	22,810	11,804
Related Party
Related Party Transaction [Line Items]
Accounts payable and accrued expenses	0	4,080
Revenue	4,225	16,897	$ 8,550
Accounts and other receivables	$ 3,655	$ 2,642
Revenue earned percentage	11.40%	74.10%	72.40%

Commitment and Contingencies (Details) $ in Thousands	Dec. 10, 2024 member	Sep. 19, 2022 plaintiff	Jan. 01, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 20, 2024 USD ($)	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of plaintiffs \| plaintiff		13
Supply Commitment [Line Items]
Purchase of certain long-lead materials				$ 32,327		$ 32,323
Cost share obligation, amount				7,363
Purchase obligation					$ 69,289
Purchase obligation, to be paid, year one					24,251
Purchase obligation, to be paid, year two					34,645
Purchase obligation, to be paid, year three					$ 10,393
Tucker v. NuScale Power Corporation, et al. \| Current Board Members
Supply Commitment [Line Items]
Loss Contingency, Number of Defendants \| member	8
Tucker v. NuScale Power Corporation, et al. \| Former Board Members
Supply Commitment [Line Items]
Loss Contingency, Number of Defendants \| member	1
CFPP LLC \| Long Lead Material Contract
Supply Commitment [Line Items]
Purchase of certain long-lead materials				$ 32,327
Subsequent Event
Supply Commitment [Line Items]
Purchase of services, committed amount			$ 34,800

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