- Proceeding with Fluor’s Phase 2 Front-End Engineering and
Design (FEED Phase 2) study for the RoPower Doicești small modular
reactor (SMR) power plant
- Robust business development activity including advancements
with prospective data center/artificial intelligence (AI)
customers
- Supply chain partner Doosan Enerbility making progress
producing the first NuScale Power Modules™
NuScale Power Corporation (NYSE: SMR), the industry-leading
provider of proprietary and innovative advanced small modular
reactor nuclear technology, today announced results for the third
quarter ended September 30, 2024.
“As energy demand grows, the world’s largest technology
companies are urgently seeking sources of secure, clean, reliable
nuclear power, and NuScale is uniquely positioned to serve their
needs for uninterrupted energy,” said John Hopkins, President and
Chief Executive Officer of NuScale Power. “NuScale’s SMR technology
is ready for near-term deployment to support the growth of AI and
other power-intensive technologies. We are the sole SMR technology
approved by the U.S. Nuclear Regulatory Commission, have modules
currently in production with supply chain partner Doosan
Enerbility, and are seeing interest like never before.”
Hopkins continued, “We signed a contract with Fluor to proceed
with RoPower’s FEED Phase 2 study for the Doicești SMR power plant
in Romania, which will be the first of its kind in Europe.”
Financial Update
During the third quarter of 2024:
- NuScale ended the third quarter with cash, cash equivalents and
short-term investments of $161.7 million ($5.1 million of which is
restricted), and no debt. At the end of the second quarter of 2024,
the Company had cash and equivalents of $136.0 million ($5.1
million of which was restricted), and no debt.
- NuScale reported $0.5 million in revenue and a net loss of
$45.5 million. In the prior year period, the Company reported
revenue of $7.0 million and a net loss of $58.3 million.
- Net loss in the quarter included a non-cash expense of $7.2
million related to the fair value of warrants outstanding, while in
the same period in the prior year, the Company reported non-cash
income of $11.1 million related to the fair value of our
warrants.
- Operating expense was $41.2 million compared to $93.9 million
in the year-earlier period. The year-over-year reduction in
operating expense of $52.7 million reflects the Company’s actions
to reduce costs and operate more efficiently.
- NuScale reported an operating loss of $41.0 million, compared
to an operating loss of $92.9 million in the year-earlier
period.
Conference Call:
NuScale will host a conference call today at 5:00 p.m. ET. A
live webcast of the presentation will be available by dialing (888)
550-5460 with conference ID 4347254 or by visiting the Events
& Presentations page.
A replay of the webcast will be available for 30 days.
About NuScale Power
Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the
industry-leading provider of proprietary and innovative advanced
small modular reactor (SMR) nuclear technology, with a mission to
help power the global energy transition by delivering safe,
scalable, and reliable carbon-free energy. The company’s
groundbreaking SMR technology is powered by the NuScale Power
Module™, a small, safe, pressurized water reactor that can each
generate 77 megawatts of electricity (MWe) or 250 megawatts thermal
(gross), and can be scaled to meet customer needs through an array
of flexible configurations up to 924 MWe (12 modules) of
output.
As the first and only SMR to have its design certified by the
U.S. Nuclear Regulatory Commission, NuScale is well-positioned to
serve diverse customers across the world by supplying nuclear
energy for electrical generation, data centers, district heating,
desalination, commercial-scale hydrogen production, and other
process heat applications.
To learn more, visit NuScale Power’s website or follow us
on LinkedIn, Facebook, Instagram, X and
YouTube.
Forward Looking Statements
This release may contain forward-looking statements (including
without limitation statements to the effect that the Company or its
management "will," "believes," "expects," “anticipates,” "plans" or
other similar expressions). These forward-looking statements
include statements relating to strategic and operational plans,
capital deployment, future growth, new awards, backlog, earnings
and the outlook for the company’s business.
Actual results may differ materially as a result of a number of
factors, including, among other things, the Company’s liquidity and
ability to raise capital; the Company's failure to receive new
contract awards; cost overruns, project delays or other problems
arising from project execution activities, including the failure to
meet cost and schedule estimates; intense competition in the
industries in which we operate; failure of our partners to perform
their obligations; cyber-security breaches; foreign economic and
political uncertainties; client cancellations of, or scope
adjustments to, existing contracts; failure to maintain safe
worksites and international security risks; risks or uncertainties
associated with events outside of our control, including weather
conditions, pandemics (including COVID-19), public health crises,
political crises or other catastrophic events; the use of estimates
and assumptions in preparing our financial statements; client
delays or defaults in making payments; the failure of our
suppliers, subcontractors and other third parties to adequately
perform services under our contracts; uncertainties, restrictions
and regulations impacting our government contracts; the inability
to hire and retain qualified personnel; the potential impact of
certain tax matters; possible information technology interruptions;
the Company's ability to secure appropriate insurance; liabilities
associated with the performance of nuclear services; foreign
currency risks; the loss of one or a few clients that account for a
significant portion of the Company's revenues; damage to our
reputation; failure to adequately protect intellectual property
rights; asset impairments; climate change and related environmental
issues; increasing scrutiny with respect to sustainability
practices; the availability of credit and restrictions imposed by
credit facilities for our clients, suppliers, subcontractors or
other partners; failure to obtain favorable results in existing or
future litigation and regulatory proceedings, dispute resolution
proceedings or claims, including claims for additional costs;
failure by us or our employees, agents or partners to comply with
laws; new or changing legal requirements, including those relating
to environmental, health and safety matters; failure to
successfully implement our strategic and operational initiatives
and restrictions on possible transactions imposed by our charter
documents and Delaware law. Caution must be exercised in relying on
these and other forward-looking statements. Due to known and
unknown risks, the Company’s results may differ materially from its
expectations and projections.
Additional information concerning these and other factors can be
found in the Company's public periodic filings with the Securities
and Exchange Commission, including the general economic conditions
and other risks, uncertainties and factors set forth in the section
entitled “Cautionary Note Regarding Forward-Looking Statements and
Summary of Risk Factors” in the Company’s annual report on Form
10-K for the period ended December 31, 2023 and under similar
headings in subsequent filings with the U.S. Securities and
Exchange Commission. The referenced SEC filings are available
either publicly or upon request from NuScale's Investor Relations
Department at ir@nuscalepower.com. The Company disclaims any intent
or obligation other than as required by law to update its
forward-looking statements in light of new information or future
events.
UNAUDITED
NuScale Power
Corporation
Condensed Consolidated Balance
Sheet
(in thousands, except share and per share
amounts)
September 30, 2024
December 31, 2023
ASSETS
(Unaudited)
Current Assets
Cash and cash equivalents
$
111,628
$
120,265
Short-term investments
45,000
—
Restricted cash
5,100
5,100
Prepaid expenses
10,914
19,054
Accounts and other receivables, net
7,912
10,127
Total current assets
180,554
154,546
Property, plant and equipment, net
2,756
4,116
In-process research and development
16,900
16,900
Intangible assets, net
749
882
Goodwill
8,255
8,255
Long-lead material work in process
41,609
36,361
Other assets
2,461
3,798
Total Assets
$
253,284
$
224,858
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses
$
17,897
$
44,925
Accrued compensation
7,749
8,546
Long-lead material liability
33,064
32,323
Customer deposit
20,000
—
Other accrued liabilities
1,848
1,664
Total current liabilities
80,558
87,458
Warrant liabilities
58,681
5,722
Noncurrent accounts payable and accrued
expenses
23,604
—
Other noncurrent liabilities
238
1,442
Deferred revenue
78
898
Total Liabilities
163,159
95,520
Stockholders’ Equity
Class A common stock, par value $0.0001
per share, 332,000,000 shares authorized, 97,893,884 and 76,895,166
shares outstanding as of September 30, 2024 and December 31, 2023,
respectively
10
8
Class B common stock, par value $0.0001
per share, 179,000,000 shares authorized, 154,266,400 and
154,477,032 shares outstanding as of September 30, 2024 and
December 31, 2023, respectively
15
15
Additional paid-in capital
462,146
333,888
Accumulated deficit
(302,102
)
(240,454
)
Total Stockholders’ Equity Excluding
Noncontrolling Interests
160,069
93,457
Noncontrolling interests
(69,944
)
35,881
Total Stockholders' Equity
90,125
129,338
Total Liabilities and Stockholders'
Equity
$
253,284
$
224,858
UNAUDITED
NuScale Power
Corporation
Condensed Consolidated
Statements of Operations
(in thousands, except share and per share
amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Revenue
$
475
$
6,950
$
2,821
$
18,250
Cost of sales
(295
)
(5,940
)
(1,880
)
(15,121
)
Gross Margin
180
1,010
941
3,129
Research and development expenses
12,160
63,725
37,447
118,227
General and administrative expenses
17,021
16,402
53,207
47,420
Other expenses
12,018
13,799
37,157
41,991
Loss From Operations
(41,019
)
(92,916
)
(126,870
)
(204,509
)
Sponsored cost share
660
20,774
6,504
54,984
Change in fair value of warrant
liabilities
(7,191
)
11,076
(52,969
)
17,167
Interest income
2,008
2,738
5,275
8,686
Loss Before Income Taxes
(45,542
)
(58,328
)
(168,060
)
(123,672
)
Foreign income taxes
12
—
12
—
Net Loss
(45,554
)
(58,328
)
(168,072
)
(123,672
)
Net loss attributable to noncontrolling
interests
(28,095
)
(39,206
)
(106,424
)
(84,065
)
Net Loss Attributable to Class A Common
Stockholders
$
(17,459
)
$
(19,122
)
$
(61,648
)
$
(39,607
)
Loss per Share of Class A Common
Stock:
Basic and Diluted
$
(0.18
)
$
(0.26
)
$
(0.70
)
$
(0.55
)
Weighted-Average Shares of Class A
Common Stock Outstanding:
Basic and Diluted
95,197,500
74,836,884
88,137,939
72,235,763
UNAUDITED
NuScale Power
Corporation
Condensed Consolidated
Statements of Cash Flows
Nine Months Ended September
30,
(in thousands)
2024
2023
OPERATING CASH FLOW
Net Loss
$
(168,072
)
$
(123,672
)
Adjustments to reconcile net loss to
operating cash flow:
Depreciation
1,286
1,813
Amortization of intangibles
133
133
Equity-based compensation expense
10,442
12,099
Provision for credit losses
57
—
Impairment of intangible asset
71
—
Gain on insurance proceeds received for
damage to property, plant and equipment
(122
)
—
Change in fair value of warrant
liabilities
52,969
(17,167
)
Net noncash change in right of use assets
and lease liabilities
(274
)
(230
)
Changes in assets and liabilities:
Prepaid expenses and other assets
8,474
(18,377
)
Accounts and other receivables
2,157
(8,991
)
Long-term contract work in process
(5,248
)
(30,765
)
Long-lead material liability
741
34,500
Accounts payable and accrued expenses
(2,044
)
8,830
Nonrefundable customer deposit
20,000
—
Lease liability
(1,202
)
(1,290
)
Deferred revenue
(820
)
32,525
Accrued compensation
(797
)
550
Net Cash Used in Operating
Activities
(82,249
)
(110,042
)
INVESTING CASH FLOW
Sale of short-term investments
—
50,000
Purchase of short-term investments
(45,000
)
—
Insurance proceeds received for damage to
property, plant and equipment
195
—
Purchases of property, plant and
equipment
—
(1,674
)
Net Cash (Used) Provided by Investing
Activities
(44,805
)
48,326
FINANCING CASH FLOW
Proceeds from the issuance of common
stock, net of issuance fees
103,842
7,867
Proceeds from exercise of warrants and
common share options
14,575
6,266
Net Cash Provided by Financing
Activities
118,417
14,133
Net Change in Cash, Cash Equivalents
and Restricted Cash
(8,637
)
(47,583
)
Cash, cash equivalents and restricted
cash:
Beginning of period
125,365
244,217
End of period
$
116,728
$
196,634
Supplemental disclosures of cash flow
information:
Foreign income taxes paid
$
3,212
$
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107954809/en/
Investor Contact Scott Kozak, Director, Investor
Relations, NuScale Power skozak@nuscalepower.com
Media Contact Chuck Goodnight, Vice President, Business
Development, NuScale Power media@nuscalepower.com
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