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
“As the only SMR certified by the
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
A replay of the webcast will be available for 30 days.
About
Founded in 2007,
As the first and only SMR to have its design certified by the
To learn more, visit NuScale Power’s website or follow us on LinkedIn, Facebook, Instagram, Xand 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
Additional information concerning these and other factors can be found in the Company's public periodic filings with the
UNAUDITED |
||||||||
|
||||||||
Condensed Consolidated Balance Sheet |
||||||||
(in thousands, except share and per share amounts) |
|
|
|
|
||||
|
|
(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 |
|
|
|
|
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 |
|
|
9 |
|
|
|
8 |
|
Class B common stock, par value |
|
|
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 |
||||||||||||||||
|
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
(in thousands, except share and per share amounts) |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
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
skozak@nuscalepower.com
Media Contact
media@nuscalepower.com
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