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NuScale Power Reports Second Quarter 2024 Results

  • 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

 

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