NuScale Power Reports First Quarter 2024 Results

NuScale Power Corporation (NYSE: SMR), the industry-leading provider of proprietary and innovative advanced small modular reactor nuclear technology, today announced results for the first quarter ended March 31, 2024.

“The criticality of NuScale’s near-term deployable SMR technology has never been greater than amidst today’s rapidly expanding power demand landscape,” said John Hopkins, President and Chief Executive Officer of NuScale Power. “Both government and private-sectors are struggling with the balance of achieving carbon reduction pledges amidst unprecedented growth in energy usage driven by the emergence of hyperscale data centers, artificial intelligence networks, and the industries supporting them.”

Hopkins added, “The world understands that nuclear power is the only option for 24/7-reliable, carbon-free baseload energy. As the sole SMR technology with U.S. NRC design approval and with modules currently in production, NuScale technology is optimally positioned to support prospective customers’ needs for reliable, decarbonized energy.”

Financial Update

During the first quarter of 2024:

• NuScale implemented a series of strategic initiatives to better align resources with the Company’s primary objective of transitioning towards commercialization and revenue-producing commercial contracts. These actions further long-term financial stability by generating $50 to $60 million in annualized savings, starting in the second quarter of 2024.
• NuScale improved its cash position, ending the first quarter with cash and equivalents of $137.1 million ($5.1 million of which is restricted), and no debt, compared to year-end 2023 when the Company had cash and equivalents of $125.4 million ($5.1 million of which was restricted), and no debt.
• NuScale reported revenue of $1.4 million and net loss of $48.1 million for the three-month period ended March 31, 2024, compared to revenue of $5.5 million and a net loss of $35.6 million for the same period in 2023. Higher net loss reported in the period was driven by a one-time $3.2 million charge associated with continuing our transition from an R&D-based company to commercial operations, and a $9.0 million non-cash adjustment to the fair value of our warrants due to an increase in the Company’s share price.

Conference Call: