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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| NuScale Power Corporation | NYSE:SMR | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.9194 | 4.38% | 21.9294 | 21.99 | 20.21 | 21.22 | 7,288,396 | 23:21:50 |
From Oct 2024 to Dec 2024
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:
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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