What NuScale Power Corporation told the SEC could break it.

NuScale is a pre-commercial SMR developer with extreme customer concentration: it discloses it has been working with one customer and one prospective customer. The single active customer is RoPower Nuclear S.A. (a JV of Romania's Nuclearelectrica and Nova Power & Gas) for a Romanian SMR project (captured as an edge). NuScale does not yet have firm revenue-producing contracts and depends on this narrow base — plus its commercialization partner ENTRA1 — to convert to deployments. The cancellation of its prior flagship customer project (the UAMPS/CFPP project, for which it retains wind-down/Release Agreement obligations) underscores the fragility of single-customer dependence. A high-severity customer/commercialization concentration.

“the Company has been working with one customer and one prospective customer.”

NuScale's entire commercialization path is gated by nuclear regulation. Its NPM design is only approved in the United States (via the NRC Standard Design Approval/Design Certification, which cost ~$500M and required millions of pages), and it must obtain approvals country-by-country before selling abroad — approvals that may be delayed, denied or require design modifications. Critically, its customers must obtain additional regulatory approvals before constructing power plants using its NPMs, and those approvals may be denied or delayed. Layered on top are export controls, non-proliferation restrictions, nuclear-liability regimes (Price-Anderson, Paris/Vienna Conventions), and adverse public reaction to nuclear (e.g., Germany's nuclear exit). A business-critical, multi-jurisdiction regulatory dependence.

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

NuScale's long-lead material ('LLM') — the heavy forgings and long-cycle components for its NuScale Power Modules — is manufactured as work-in-process in South Korea (by its fabrication partner, Doosan Enerbility), while the rest of its operations and long-lived assets are in the U.S. This concentrates the most time-critical, hardest-to-replace part of the SMR supply chain in a single overseas fabricator and jurisdiction; manufacturing delays, capacity constraints, or trade/export-control frictions on the Korea→U.S. flow would directly slow NPM production and deployment. A specific overseas single-source manufacturing dependence for the core reactor hardware.

“work in process being manufactured in South Korea during the years presented.”