NuScale Financial Model

• NuScale Power Module (NPM): 77 MWe per module, up to 12 modules per plant (924 MWe), 60-year design life, walk-away safe, site-boundary Emergency Planning Zone.
• Plant configurations: 12-NPM (924 MWe, ~$3.3bn capex), 6-NPM (462 MWe), 4-NPM (308 MWe).
• Only SMR with NRC Standard Design Approval (granted Sept 11, 2020).
• Capex-light for NuScale: sells modules + IP; holds no inventory; near-zero capex.
• 628 patents (418 granted, 210 pending).
• Key differentiators vs. large-scale nuclear: modular (incremental capacity), shorter construction (~3 years vs. 6+), smaller EPZ, black-start / island-mode capable, 99.95% reliability over 60 years.

• TAM: 16,407 GW of carbon-free capacity additions required globally through 2040 (BloombergNEF Net Zero Pathway "Red Scenario", August 2021).
• SAM (SMR-specific): 1,286 GW of SMR additions within the same scenario.
• NuScale implied SOM: 0.4% of 16,407 GW total, or 5.3% of 1,286 GW SMR market.
• Additional framing: 132 US coal plants (~140+ GW) planned for retirement through 2050 as coal-to-nuclear replacement opportunity.
• No dollar TAM figure given in the deck.

Two revenue streams:

A. NuScale Power Plants (NPM sales + plant designs)

• Sells NPMs at 77 MWe each; also sells standard plant designs and licensing basis separately.
• Cash revenue timing: Years 6–10 relative to construction (COD-4 to COD).
• Average annual cash revenue per plant (illustrative, ~9 NPM blended global average): $200mm–$250mm over years 6–10.
• Anticipated gross margin: 20–25%.
• Note: Standard Plant Design & Licensing fees charged in years 3–5 (COD-6 to COD-4).

B. Services

• Suite: licensing support, startup & testing, training, nuclear equipment inspection, fuel supply, O&M engineering, procurement & spare parts.
• Revenue begins ~8 years pre-COD and extends over 60+ year plant life.
• Early services (years 1–4, COD-9 to COD-6): $5mm–$15mm/year/plant, 10–15% gross margin.
• Mid services (years 5–10, COD-5 to COD): $10mm–$20mm/year/plant, 15–20% gross margin.
• Post-COD run-rate (year 11+): $25mm–$50mm/year/plant, 20–30% gross margin.
• Services represent <25% of typical customer non-fuel O&M budget.

Revenue recognition - critical accounting complexity:

• Cash Revenue ≠ GAAP Revenue. For NOAK (Nth-of-a-Kind) NPMs:
• Cash is collected ahead of GAAP recognition; deferred revenue and WIP build on the balance sheet.
• Cash collection: 0%/0%/31%/58%/77%/89%/100%/100% at T-6/T-5/T-4/T-3/T-2/T-1/COD/T+1.
• GAAP recognition: 1%/2%/3%/4%/5%/22%/94%/100% at T-6/T-5/T-4/T-3/T-2/T-1/COD/T+1.
• Model must track Deferred Revenue (+) and WIP (-) as balance sheet items.

• First and only SMR with NRC Standard Design Approval.
• $1.3bn cumulative capital invested to date (as of July 31, 2021, including DOE cost-share).
• $0.5bn received in DOE cost-share to date; ~$200mm additional available through 2024 (5-year award granted 2020).
• $1.4bn DOE cost-share grant awarded 2020 for UAMPS deployment.
• Customer pipeline: 114 total opportunities - Class 5 (70 leads), Class 4 (18), Class 3 (15), Class 2 (10), Class 1 (1 contract: UAMPS).
• 19 signed MOUs globally.
• First deployment: UAMPS Carbon Free Power Project (CFPP) at Idaho National Laboratory, targeting 2029 COD.
• GAAP Revenue projections (company forecast): $14mm (2022E) → $85mm (2023E) → $179mm (2024E) → $358mm (2025E) → $640mm (2026E) → $1,017mm (2027E) → $1,855mm (2028E) → $4,157mm (2029E) → $5,506mm (2030E).
• "Cash Revenue" projections: $16mm (2022E) → $145mm (2023E) → $672mm (2024E) → $1,058mm (2025E) → $1,896mm (2026E) → $3,641mm (2027E) → $6,480mm (2028E) → $10,008mm (2029E) → $13,119mm (2030E).
• "Cash EBITDA" projections: ($155mm) (2022E) → ($36mm) (2023E) → $116mm (2024E) → $191mm (2025E) → $434mm (2026E) → $896mm (2027E) → $1,610mm (2028E) → $2,457mm (2029E) → $3,171mm (2030E).
• Free Cash Flow: ($158mm) → ($42mm) → $93mm → $127mm → $304mm → $640mm → $1,173mm → $1,809mm → $2,340mm (2022E–2030E).
• Module COD Forecast (cumulative modules online): 16 (2029E), 19 (2030E), 35 (2031E), 63 (2032E), 85 (2033E), 90 (2034E), 92 (2035E), 94 (2036E), 96 (2037E), 98 (2038E), 100 (2039E).
• EBITDA (GAAP): ($155mm) → ($50mm) → ($1mm) → $26mm → $139mm → $288mm → $532mm → $1,076mm → $1,387mm (2022E–2030E).
• Revenue CAGR 2024E–2026E: 68% (Cash basis).
• EBITDA margin 2026E: 23% (Cash EBITDA).
• 430+ employees; 35 PhDs; 146 Masters; 20% veterans.

• Per plant (blended ~9 NPM global average):
• NPM cash revenue: $200mm–$250mm/year during construction phase (years 6–10).
• NPM gross margin: 20–25%.
• Services gross margin: 10–15% (early), 15–20% (mid), 20–30% (post-COD).
• LCOE target for UAMPS project: $58/MWh.
• 12-module plant cost: ~$3.3bn (NOAK, excluding escalation/contingencies/fees).
• vs. large-scale nuclear: $9.0+bn for ~2.2 GWe.
• Payback period (company-level): Free cash flow positive from 2024E.

• Only SMR with NRC Standard Design Approval - competitors years behind.
• $1.3bn invested to date creates a high barrier to entry.
• 628 patents (418 granted, 210 pending) + in-house NRC-approved software + extensive trade secrets.
• First-to-market in a massive untapped market; proprietary technology controls design and licensing basis of core NPM technology.
• Deep talent pool: 430+ employees with nuclear experience.
• Strategic investor and supply chain lock-in: Fluor, Doosan, JGC, GS Energy, Sarens, IHI, Samsung C&T, BWXT, Framatome, Honeywell among partners/investors.
• Competitive benchmarking (EV/EBITDA 2026E): NuScale at 4.3x vs. Energy Transition median 29.9x, Nuclear median 25.0x.
• Competitive benchmarking (EV/Revenue 2026E): NuScale at 1.0x vs. Energy Transition median 6.0x, Nuclear median 4.4x.

Team:

• John Hopkins, CEO (since 2012; ex-Fluor, I Squared Capital)
• Chris Colbert, CFO (since 2011; ex-GE, Bechtel, UniStar)
• Jose Reyes PhD, CTO & Co-Founder (since 2007; ex-Oregon State, IAEA, NRC)
• Dale Atkinson, COO & CNO (since 2014; ex-Energy Northwest, GE, US Navy)
• Tom Mundy, CCO (since 2012; ex-Exelon, GPU Nuclear)
• Robert Temple, General Counsel (since 2016; ex-Toshiba, BWX, US Navy, GE)
• Average 9 years tenure at NuScale; 36 years industry experience.

SPAC Transaction Structure:

• Spring Valley Acquisition Corp. (Nasdaq: SV); Placement Agents: Guggenheim Securities + Cowen & Company.
• Transaction size: $232mm SVAC cash in trust + $181mm PIPE = $413mm gross; ~$373mm net to balance sheet (after ~$40mm transaction fees).
• Pro-forma EV (post-money): $1,866mm (~$1.9bn).
• Post-money equity value: $2,328mm (232.8mm shares at $10.00).
• Valuation multiples at deal price: 1.0x 2026E Cash Revenue; 4.3x 2026E Cash EBITDA.
• Ownership at closing: Existing NuScale shareholders 80.5%, SVAC IPO shares 9.9%, PIPE 7.9%, Sponsor shares 1.7%.
• Use of proceeds: Fund commercialisation and accelerate growth. No additional capital expected before free cash flow.
• Net cash (post-transaction): $462mm.

This is a SPAC / de-SPAC deck. The primary financial model should be a Project-Revenue / Long-Cycle Operating Forecast with SPAC Pro Forma Cap Table, not a standard SaaS or DTC model.

• Archetype: Long-cycle capital equipment operating forecast + SPAC pro forma. NuScale's revenue is driven by plant deployments (# NPMs reaching COD each year), each with a multi-year construction revenue schedule - more analogous to a project-finance or defence/aerospace OEM model than a traditional recurring-revenue business. Cash vs. GAAP divergence is a structural feature requiring a dedicated bridge. The SPAC structure adds a separate pro forma equity/EV waterfall.

• Forecast horizon & granularity: 2022E–2030E annually (matches deck); extend to 2035E for illustrative post-ramp steady-state. Annual, not quarterly (limited quarterly data in deck).

• Key drivers & assumptions:

• Scenarios (Base / Bull / Bear):
• Base: Company-provided COD schedule (16 modules 2029E, ramp to 100 by 2039E). Per-plant economics at midpoint of illustrative ranges.
• Bull: Faster pipeline conversion (Class 2 → Class 1 acceleration), 2–3 additional CODs by 2031E; per-plant margins at high end (25% NPM, 30% services post-COD). Possible European deployment by 2028 (Romania).
• Bear: UAMPS delays by 1–2 years (precedent: nuclear projects routinely slip); pipeline conversion at 50% of base case; per-plant margins at low end. DOE funding risks if political environment changes.
• Flex variables: # CODs per year, NPM revenue per module, gross margin %, services penetration rate, capex/opex for SG&A.

• Required sheets / outputs:

1. Assumptions - all drivers above, flagged DECK vs. ASSUMED.
2. Module COD Schedule - annual modules going COD per plant; cumulative plant count by vintage year.
3. Per-Plant Revenue Build - cash and GAAP revenue by plant, by year (construction phase + post-COD services), with collection/recognition waterfall.
4. Consolidated P&L (GAAP) - GAAP revenue, COGS, gross profit, SG&A, R&D, EBITDA, D&A, EBIT, tax, net income. 2022E–2030E.
5. Cash Metrics Bridge - EBITDA → Cash EBITDA reconciliation (+Deferred Revenue, -WIP); GAAP Revenue → Cash Revenue.
6. Balance Sheet - Deferred Revenue and WIP as key line items; cash position post-SPAC.
7. Free Cash Flow - Cash EBITDA less capex and working capital movements; matches deck FCF series.
8. SPAC Pro Forma Cap Table - Sources & Uses; pre- and post-money equity bridge; share count (SVAC + PIPE + rollover + sponsor + warrants); EV bridge (equity value minus net cash).
9. Valuation Comps - EV/Revenue and EV/EBITDA benchmarking vs. energy transition and nuclear peers (as per slides 40–41).
10. Scenario Toggle - Base / Bull / Bear revenue, EBITDA and FCF outputs in a single summary table.