NuScale Power Reports Third Quarter 2024 Results
- Proceeding with Fluor’s Phase 2 Front-End Engineering and Design (FEED Phase 2) study for the RoPower Doicești 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 ™
“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
Hopkins continued, “We signed a contract with Fluor to proceed with RoPower’s FEED Phase 2 study for the Doicești SMR power plant in
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.
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) |
|
|
|
|
||||
|
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 |
|
|
|
|
|
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 |
|
|
10 |
|
|
|
8 |
|
|
Class B common stock, par value |
|
|
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
Condensed Consolidated Statements of Operations |
||||||||||||||||
|
(in thousands, except share and per share amounts) |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
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
Condensed Consolidated Statements of Cash Flows |
||||||||
|
|
|
|||||||
|
|
Nine Months Ended |
|||||||
| (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 |
|
|
|
|
|
(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 |
) |
|
|
|
|
(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
skozak@nuscalepower.com
Media Contact
media@nuscalepower.com
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