Vikram Bagri

CFO reaffirmed a 2028 target for full nuclear heat production, calling it aggressive; CEO said construction milestones start this year while balancing cost and schedule.

Jake described Pluto as a smaller, plutonium-optimized system focused on fast-neutron testing and fuel-fabrication reps, not power. Directly answered.

CFO said dollars roughly track components but deferred an actual dollar breakdown to 2026 as cost estimates are refined. Partially answered.

Craig said the balance sheet has adequate capital for INL deployment and any capital raise would be done strategically rather than reactively, without committing to timing or amount.

Management described continual NRC engagement, citing over 600 interactions, and reiterated targeting the full COLA submission by year-end / Q4.

Management confirmed the $65-80M range includes some NRC fee-cut upside but noted those savings mostly land next year, with spend on staff, INL and recycling.

Asked by Vignesh on for Vikram Bagri. CFO declined to guide future OpEx but pointed to a disciplined historical band of roughly $41-$44 million per quarter, with a recent bump as RoPower engineers moved from COGS to OpEx.

CFO said TVA is the primary focus but not the only engagement, with ENTRA1 pursuing a deep pipeline including non-PPA development structures.

CFO downplayed tariffs and commodity swings as macro, U.S.-wide factors that do not materially change the long-term case for nuclear.

Hamady said safeguards exist, payments roll to other term sheets if TVA disappears, then pushed back on continued analyst skepticism about InterOne.

Bagri sought updates on the ~10 advanced customer discussions cited last quarter; management said talks span the US government, utilities and hyperscalers but resources are focused on closing 1 or 2 sites.

Jagdfeld said Generac is capturing share on shorter lead times rather than above-market price, and expects price growth to slow but not reverse.

Aaron confirmed air permitting not a showstopper; Tier 4 certified and aftertreatment solutions available. Already evaluating $2-3B capacity (greenfield, real estate, M&A all on table). York confirmed energy tech breakeven timeline remains 2027.

Aaron confirmed 2025 energy tech revenue at ~$375M (high end of $300-400M range). 2026 to pull back somewhat from DOE loss but remain in $300-400M range. 2027 breakeven profitability target unchanged despite market contraction. Ecosystem accounting becoming more complex.

Aaron clarified no pullback assumption, just new higher baseline. Close rate compression is temporary. Consumer financing shows high correlation with better close rates.

Mark described multi-gigawatt demand pipeline waiting for 232 clarity. Both sides carrying pricing risk depending on outcome severity. Current pricing reflects midpoint expectation. Expects booking activity over multi-month period post-announcement.

Mark explained India delivers high-teens to low-20% gross margin due to lower manufacturing costs offsetting lower ASPs. ALMM cell and wafer requirements strengthen position. Alex noted cancellation risk is more from strategic oil/gas shifts than tariffs, and U.S. product has much more reallocation flexibility than international.

Mark cited $200M+ of prior termination payments already collected by counterparties who honored obligations under identical contract terms. Outside counsel confident in enforceability. New York courts have historically sided with plaintiff in similar default and termination payment circumstances.

Sridhar rejected the tipping-point framing, arguing the market is not zero-sum and that Bloom is creating new demand rather than taking CCGT share.