- Proceeding with Fluor’s Phase 2 Front-End Engineering and Design (FEED Phase 2) study for the RoPower Doice?ti 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, 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 Doice?ti 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.
