NuScale Power Corporation (NYSE:SMR) Q1 2024 Results Conference Call May 9, 2024 5:00 PM ET

Company Participants

Scott Kozak - Director, Investor Relations
John Hopkins - President and Chief Executive Officer
Ramsey Hamady - Chief Financial Officer

Conference Call Participants

George Gianarikas - Canaccord Genuity
Marc Bianchi - TD Cowen
Ryan Pfingst - B. Riley Securities

Operator

Good afternoon, and welcome to NuScale's Fourth Quarter and Full-Year 2023 (sic) [First Quarter 2024] Earnings Results Conference Call. Today’s call is being recorded. All participants are in a listen-only mode. After managements' prepared remarks, there will be a question-and-answer session. [Operator Instructions]. A replay of today's conference call will be available and accessible on NuScale’s website at ir.NuScalepower.com. The web replay will be available for 30 days following the earnings call.

At this time, for opening remarks, I would like to turn the call over to Scott Kozak, Director of Investor Relations. Please go ahead, Mr. Kozak.

Scott Kozak

Thank you, operator. Welcome to NuScale's first quarter 2024 earnings results conference call. With us today are John Hopkins, President and Chief Executive Officer; and Ramsey Hamady, Chief Financial Officer.

On today's call, NuScale will provide an update on its business and discuss financial results. We will then open up the phone lines for questions. This afternoon, we posted a set of supplemental slides on our Investor Relations website. As reflected in the Safe Harbor on slide two, the information set forth in the presentation and discussed during the course of our remarks and the subsequent Q&A session includes forward-looking statements, which reflect our current views of existing trends and are subject to a variety of risks and uncertainties. You can find a discussion of our risk factors, which could potentially contribute to such differences in our SEC filings on Form 10-K for our fiscal year 2023 and in prior SEC filings.

I'll now turn the call over to John Hopkins, NuScale's President and Chief Executive Officer. John?

John Hopkins

Thank you, Scott, and good afternoon, everyone. As you all know, NuScale was founded on the belief that, nuclear power, a cleaner, safer, more reliable form of energy, is critical to meeting the increasing global demand for carbon-free power. Today, we are seeing this belief borne out in real time. As you'll see on Slide 3, the need for clean, reliable power is significant and growing, driven by the electrification of the transportation, building, technology and industrial segments. A recent five-year projection for U.S. electricity demand growth has doubled from forecast provided just one year ago. Overall, peak demand in the U.S. is expected to grow at least 38 gigawatts over the next five years.