Ryan Pfingst • B. Riley Securities, Inc.

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Co-Founder, CEO & Director Jacob Dewitte noted the Eielson project timeline is in development, with detailed site work anticipated next summer. Both Dewitte and CFO R. Craig Bealmear emphasized that while partnerships are supportive, the focus remains on building deep, strategic relationships for LOI conversions, rather than rushing a PPA, and that interest in front-of-the-meter solutions is growing.

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CEO Jacob Dewitte explained that the DoD has the authority to regulate nuclear plants for its own use, which could create an alternate, streamlined deployment pathway. Regarding the supply chain, he noted Oklo's design intentionally leverages existing, non-nuclear supply chains for components like stainless materials and steam systems, with fuel being the primary long-lead item. He highlighted that their technology avoids the need for large forgings common in light-water reactors.

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Co-Founder and CEO Jacob Dewitte explained that the DoD has the authority to regulate nuclear plants for its own use cases, creating an alternate pathway that could streamline deployments. Regarding the supply chain, Dewitte emphasized that Oklo's design leverages existing, non-nuclear supply chains for common materials, avoiding bottlenecks seen in the light water reactor space. He highlighted the partnership with Siemens for steam generation and noted that most long-lead items are on an 18-month timeline.

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CEO Jake Dewitte confirmed that tech giant deals are accelerating customer discussions, establishing a market price for clean baseload power at or above $100/MWh. He stated that Oklo is intentionally focusing on building high-quality, long-term strategic partnerships rather than rushing to sign PPAs. Regarding the political landscape, Dewitte noted the strong, continuing bipartisan support for nuclear energy. He anticipates a continued focus on regulatory modernization and believes any changes to support mechanisms like the Inflation Reduction Act will likely maintain or enhance backing for nuclear.

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CEO Jacob Dewitte confirmed that tech announcements have accelerated customer discussions and noted that market pricing signals are strong, at or above $100 per megawatt-hour. He explained that Oklo is prioritizing the quality of strategic partnerships over the speed of signing PPAs. Dewitte also stated that strong bipartisan support for nuclear is expected to continue, with a likely focus on regulatory modernization, which would be beneficial for Oklo's deployment strategy.

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CEO Kang Sun stated that the current capacity in South Korea is adequate for present needs and that the partnership has strong local government support for future expansion. He identified Korea and China as having the best manufacturing skills currently but mentioned that Amprius is also exploring potential domestic partnerships in the United States with smaller battery companies.

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President and CEO Don Young expressed strong confidence in a 2026 growth rebound for the Energy Industrial segment, driven by a recovery in project work. CFO Ricardo Rodriguez stated that meaningful shipments to ACC are expected to begin in Q4 2025 and ramp through 2026, with Daimler becoming a significant contributor in 2027.

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CEO Donald Young explained that capacity is increasing through improved line efficiency and broader product qualification at the external facility, and he believes they can reach a $50 million quarterly run-rate during 2025. He reiterated the goal of doubling the business within a five-year period. CFO Ricardo Rodriguez added that the Q4 guidance implies an annual run rate of $168 million, which will be a key test of their capacity.

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President and CEO David Moon and CFO Mike Mancini expressed confidence in 2026 desalination revenue based on recent awards and a strong pipeline. Mancini clarified that next-gen PX products are priced by capacity, leading to higher unit prices. Moon noted that discussions with CO2 partner Hill Phoenix are ongoing, summer testing is proceeding as planned, and the data center market currently appears too nascent for their technology, while heat pumps show more promise.

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Executive David Moon confirmed the desalination market remains strong, particularly in the Middle East and North Africa, with no significant macro impact. Executive Michael Mancini specified that a delayed Q1 order was valued at approximately $2 million. Regarding international expansion, David Moon stated a preference for establishing a wholly-owned facility but remains open to short-term partnerships to mitigate tariffs. He also expressed confidence in offsetting lost China wastewater revenue. On the CO2 front, Moon detailed progress with Hillphoenix, citing successful field tests and outlining the next steps as finalizing a commercial agreement and launching an integrated test site.

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Executive Michael Mancini stated the increased buyback was driven by strong visibility into 2025 cash flow and the rapid execution of the previous authorization. He also projected the 2025 desalination revenue mix would be similar to 2024, with over 60% from the Middle East and North Africa. Executive David Moon added that the buyback shows confidence in their playbook and clarified that potential tariffs on exports to China are a risk to the wastewater business's ROI for customers, though no impact is currently seen.

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President and CEO David Moon confirmed that while Energy Recovery competes with other technologies, there is currently no direct pressure exchanger competition for its PX G product. CFO Mike Mancini stated that a detailed capital allocation policy, including growth strategy and capital needs, would be presented at the upcoming investor webinar on November 18.

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George Sakellaris, Chairman, CEO & President, stated that the company remains very excited about its RNG business, highlighting the ability to monetize the ITC for 10 safe-harbored plants. CFO Mark Chiplock added that the 45Z tax credit presents another significant opportunity. Nicole Bulgarino, President of Federal Solutions & Utility Infrastructure, described the SMR partnership as a long-term play to provide firm, clean energy, with Ameresco currently focused on developing 'bridge solutions' for customers like data centers.

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CCO & Interim CFO Nathan Kreger acknowledged that while legislative uncertainty has been resolved, factors like customer financing timelines can still affect order timing, though there is no single bottleneck. He explained that current service revenue is tied to commissioning, but as the installed base of assets grows, long-term service agreements will become a more significant and recurring part of the revenue mix.

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CEO John Hopkins clarified the discussions are diverse, including coal plant replacements and industrial companies seeking process heat, not just data centers. He noted the complexity involves coordinating with states, utilities, and developers. For RoPower, Hopkins explained the Class III estimate is a key deliverable to Fluor that helps RoPower better define the project's next steps and costs, while they monitor the political situation in Romania, which currently appears stable for the project.

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President and CEO John Hopkins identified the negotiation and finalization of long-term power purchase agreements (PPAs) as the predominant step in securing customer projects under the ENTRA1 model. For the RoPower project, he stated that NuScale is a subcontractor to Fluor and the next major milestone is the final investment decision by Nuclear Electrica, expected in the fourth quarter of 2025.

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Executive Clayton Scott explained the uprate includes elements applicable to both 6- and 12-module designs, and a site-specific license will be pursued for the first 12-module plant. President and CEO John Hopkins stated that while it's early, he is hopeful for an acceleration in advanced nuclear development under the incoming administration, expecting fewer regulations and citing the new president's previously pro-nuclear stance.

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President and CEO Amir Vexler explained that a competitor seeking a HALEU license for a new facility would face a multi-year process costing tens of millions of dollars, representing a major obstacle. He confirmed Centrus's 42-month timeline remains unchanged, supported by the company's ongoing $60 million investment to expand manufacturing and qualify the supply chain.

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President and CEO Amir Vexler confirmed that the $60 million investment is an 'accurate characterization' of the kick-start for the 42-month timeline. Regarding 2025, Vexler noted that while the company does not provide guidance, it remains opportunistic, particularly with its sizable uranium inventory, and will continue to evaluate market conditions for potential spot sales.

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President and CEO Amir Vexler identified KHNP as one publicly announced customer and stated other commitments are from utilities under NDAs. He confirmed the commitments had increased by $200 million. Regarding the production timeline, Mr. Vexler noted that the question of whether a parallel build-out would affect the projected 42-month schedule was complex and that he would provide a more detailed answer after consulting with his team.

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