- Business development activity accelerates as customer
conversations advance, particularly in the data center/AI
sector
- RoPower authorized Phase 2 Front-End Engineering and Design
(FEED Phase 2) study for the Doicesti small modular reactor (SMR)
power plant
- Industry-leading manufacturing preparedness advances as
supply chain partner Doosan Enerbility continues forging long lead
materials
- Standard Design Approval application under review by the
U.S. Nuclear Regulatory Commission and remains on track for
mid-year 2025 completion, as scheduled
NuScale Power Corporation (NYSE: SMR), the industry-leading
provider of proprietary and innovative advanced small modular
reactor nuclear technology, today announced results for the second
quarter ended June 30, 2024.
“As the only SMR certified by the U.S. Nuclear Regulatory
Commission, NuScale is uniquely prepared to deliver in a customer
environment intensely focused on near-term deployment of carbon
free power,” said John Hopkins, President and Chief Executive
Officer of NuScale Power. “New data centers are opening almost
daily – and each of them needs consistent, uninterrupted power.
With the ability to locate our power modules onsite, NuScale can
provide data centers and other industries the baseload decarbonized
electricity they need without relying on external connections. We
continue to advance conversations with potential customers around
the world as we progress the manufacturing of our advanced SMR
technology.”
Financial Update
During the second quarter of 2024:
- NuScale ended the second quarter with cash and equivalents of
$136.0 million ($5.1 million of which is restricted), and no debt,
compared to the first quarter of 2024 when the Company had cash and
equivalents of $137.1 million ($5.1 million of which was
restricted), and no debt.
- For the quarter ended June 30, 2024, NuScale reported revenue
of $1.0 million and a net loss of $74.4 million, while during the
prior year period, the Company reported revenue of $5.8 million and
a net loss of $29.7 million.
- The second quarter of 2024 net loss included a non-cash expense
of $36.7 million related to the fair value of warrants outstanding,
while in the prior year period, the Company reported non-cash
income of $7.2 million related to the fair value of our
warrants.
- In the second quarter of 2024, NuScale reported an operating
loss of $41.9 million, compared to an operating loss of $56.1
million in the second quarter of 2023. The year-over-year reduction
in operating expense of $14.2 million reflects the Company’s
actions to reduce costs and operate more efficiently.
Subsequent to the second quarter of 2024:
- Subsequent to the second quarter of 2024, the Company executed
a revenue generating agreement with RoPower in relation to the
advancement of Doicesti project FEED Phase 2.
- Over the next 12 months, we anticipate additional revenue from
Fluor Corporation in respect of our continued contributions towards
this project.
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)
June 30, 2024
December 31, 2023
(unaudited)
ASSETS
Current Assets
Cash and cash equivalents
$
130,934
$
120,265
Restricted cash
5,100
5,100
Prepaid expenses
11,866
19,054
Accounts and other receivables
8,375
10,127
Total current assets
156,275
154,546
Property, plant and equipment, net
3,150
4,116
In-process research and development
16,900
16,900
Intangible assets, net
793
882
Goodwill
8,255
8,255
Long-lead material work in process
41,227
36,361
Other assets
2,633
3,798
Total Assets
$
229,233
$
224,858
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses
$
19,098
$
44,925
Accrued compensation
5,734
8,546
Long-lead material liability
32,445
32,323
Other accrued liabilities
1,540
1,664
Total current liabilities
58,817
87,458
Warrant liabilities
51,500
5,722
Noncurrent accounts payable and accrued
expenses
24,880
—
Other noncurrent liabilities
647
1,442
Deferred revenue
78
898
Total Liabilities
135,922
95,520
Stockholders’ Equity
Class A common stock, par value $0.0001
per share, 332,000,000 shares authorized, 92,486,358 and 76,895,166
shares outstanding as of June 30, 2024 and December 31, 2023,
respectively
9
8
Class B common stock, par value $0.0001
per share, 179,000,000 shares authorized, 154,464,735 and
154,477,032 shares outstanding as of June 30, 2024 and December 31,
2023, respectively
15
15
Additional paid-in capital
420,948
333,888
Accumulated deficit
(284,643
)
(240,454
)
Total Stockholders’ Equity Excluding
Noncontrolling Interests
136,329
93,457
Noncontrolling interests
(43,018
)
35,881
Total Stockholders' Equity
93,311
129,338
Total Liabilities and Stockholders'
Equity
$
229,233
$
224,858
UNAUDITED
NuScale Power
Corporation
Condensed Consolidated
Statements of Operations
(in thousands, except share and per share
amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenue
$
967
$
5,795
$
2,346
$
11,300
Cost of sales
(850
)
(5,765
)
(1,585
)
(9,181
)
Gross Margin
117
30
761
2,119
Research and development expenses
12,132
26,932
25,287
54,502
General and administrative expenses
16,827
16,323
36,186
31,018
Other expenses
13,036
12,896
25,139
28,192
Loss From Operations
(41,878
)
(56,121
)
(85,851
)
(111,593
)
Sponsored cost share
2,448
16,337
5,844
34,210
Change in fair value of warrant
liabilities
(36,733
)
7,199
(45,778
)
6,091
Interest income
1,725
2,851
3,267
5,948
Loss Before Income Taxes
(74,438
)
(29,734
)
(122,518
)
(65,344
)
Provision (benefit) for income taxes
—
—
—
—
Net Loss
(74,438
)
(29,734
)
(122,518
)
(65,344
)
Net loss attributable to noncontrolling
interests
(46,821
)
(20,211
)
(78,329
)
(44,859
)
Net Loss Attributable to Class A Common
Stockholders
$
(27,617
)
$
(9,523
)
$
(44,189
)
$
(20,485
)
Loss per Share of Class A Common
Stock:
Basic and Diluted
$
(0.31
)
$
(0.13
)
$
(0.52
)
$
(0.29
)
Weighted-Average Shares of Class A
Common Stock Outstanding:
Basic and Diluted
89,553,679
72,125,375
84,569,371
70,913,646
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240808097800/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
Grafico Azioni NuScale Power (NYSE:SMR)
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