NuScale Power Reports Second Quarter 2024 Results
NuScale Power (NYSE: SMR) reported its Q2 2024 results, highlighting accelerated business development, particularly in the data center/AI sector. Key developments include:
1. RoPower's authorization of Phase 2 Front-End Engineering and Design (FEED) for the Doicesti SMR power plant.
2. Advancement in manufacturing preparedness with Doosan Enerbility forging long lead materials.
3. Standard Design Approval application under review by the U.S. NRC, on track for mid-2025 completion.
Financial highlights:
- Cash and equivalents: $136.0 million
- Revenue: $1.0 million
- Net loss: $74.4 million, including $36.7 million non-cash expense related to warrant valuation
- Operating loss: $41.9 million, down from $56.1 million in Q2 2023
NuScale Power (NYSE: SMR) ha riportato i risultati del secondo trimestre 2024, evidenziando un'accelerazione nello sviluppo aziendale, in particolare nel settore dei data center/IA. I principali sviluppi includono:
1. L'autorizzazione di RoPower alla Fase 2 della Progettazione e Ingegneria Front-End (FEED) per la centrale elettrica SMR di Doicesti.
2. Avanzamento nella preparazione della produzione con Doosan Enerbility che produce materiali con tempi di consegna lunghi.
3. La domanda per l'approvazione del Design Standard è attualmente in revisione presso la NRC degli Stati Uniti, e si prevede il completamento entro la metà del 2025.
Risultati finanziari:
- Liquidità e equivalenti: 136,0 milioni di dollari
- Ricavi: 1,0 milione di dollari
- Perdita netta: 74,4 milioni di dollari, inclusa una spesa non monetaria di 36,7 milioni di dollari relativa alla valutazione delle garanzie
- Perdita operativa: 41,9 milioni di dollari, in calo rispetto ai 56,1 milioni di dollari del secondo trimestre 2023
NuScale Power (NYSE: SMR) informó sus resultados del segundo trimestre de 2024, destacando un desarrollo empresarial acelerado, especialmente en el sector de centros de datos/IA. Los desarrollos clave incluyen:
1. La autorización de RoPower para la Fase 2 de la Ingeniería y Diseño Front-End (FEED) de la planta de energía SMR de Doicesti.
2. Avance en la preparación de fabricación con Doosan Enerbility produciendo materiales de largo plazo.
3. La solicitud de Aprobación de Diseño Estándar está bajo revisión por la NRC de EE.UU., con una finalización prevista para mediados de 2025.
Aspectos financieros destacados:
- Efectivo y equivalentes: 136,0 millones de dólares
- Ingresos: 1,0 millón de dólares
- Pérdida neta: 74,4 millones de dólares, incluyendo un gasto no monetario de 36,7 millones de dólares relacionado con la valoración de garantías
- Pérdida operativa: 41,9 millones de dólares, en comparación con 56,1 millones de dólares en el segundo trimestre de 2023
NuScale Power (NYSE: SMR)는 2024년 2분기 실적을 보고하며 데이터 센터/AI 분야에서 비즈니스 개발이 가속화되었다고 강조했습니다. 주요 발전 사항은 다음과 같습니다:
1. Doicesti SMR 발전소의 2단계 전면 엔지니어링 및 디자인(FEED)에 대한 RoPower의 승인.
2. Doosan Enerbility가 장기 자재를 제작함에 따라 제조 준비가 진행됨.
3. 미국 NRC의 표준 설계 승인 신청이 검토 중이며 2025년 중반에 완료될 예정입니다.
재무 하이라이트:
- 현금 및 현금성 자산: 1억 3천6백만 달러
- 수익: 100만 달러
- 순손실: 7천4백40만 달러, 여기에는 보증 평가와 관련된 비현금 비용 3천6백70만 달러 포함
- 운영 손실: 4천1백90만 달러, 2023년 2분기의 5천6백10만 달러에서 감소
NuScale Power (NYSE: SMR) a rapporté ses résultats du deuxième trimestre 2024, mettant en avant un développement commercial accéléré, en particulier dans le secteur des centres de données/IA. Les développements clés comprennent :
1. L'autorisation de RoPower pour la Phase 2 de l'ingénierie et de la conception frontale (FEED) pour la centrale électrique SMR de Doicesti.
2. Progrès dans la préparation de la fabrication avec Doosan Enerbility, qui procure des matériaux à long délai.
3. La demande d'approbation du design standard est en cours d'examen par la NRC des États-Unis, prévue pour être finalisée d'ici mi-2025.
Points financiers marquants :
- Liquidités et équivalents : 136,0 millions de dollars
- Revenus : 1,0 million de dollars
- Perte nette : 74,4 millions de dollars, dont 36,7 millions de dollars de charges non monétaires liées à l'évaluation des bons de souscription
- Perte d'exploitation : 41,9 millions de dollars, en baisse par rapport à 56,1 millions de dollars au deuxième trimestre 2023
NuScale Power (NYSE: SMR) berichtete über die Ergebnisse des zweiten Quartals 2024 und hob die beschleunigte Geschäftsentwicklung, insbesondere im Bereich der Datenzentren/KI, hervor. Zu den wichtigsten Entwicklungen gehören:
1. Genehmigung von RoPower für die Phase 2 der Front-End-Engineering- und Design (FEED) für das SMR-Kraftwerk in Doicesti.
2. Fortschritte in der Herstellungsbereitschaft mit Doosan Enerbility, das Materialien mit langen Vorlaufzeiten beschafft.
3. Der Antrag auf Standard-Design-Genehmigung wird derzeit von der US NRC geprüft und soll bis Mitte 2025 abgeschlossen sein.
Finanzielle Höhepunkte:
- Bargeld und Zahlungsmitteläquivalente: 136,0 Millionen Dollar
- Einnahmen: 1,0 Million Dollar
- Nettoverlust: 74,4 Millionen Dollar, einschließlich eines nicht zahlungswirksamen Aufwands von 36,7 Millionen Dollar im Zusammenhang mit der Bewertung von Warrants.
- Operativer Verlust: 41,9 Millionen Dollar, im Vergleich zu 56,1 Millionen Dollar im zweiten Quartal 2023
- RoPower authorized Phase 2 Front-End Engineering and Design study for Doicesti SMR power plant
- Manufacturing preparedness advances with Doosan Enerbility forging long lead materials
- Standard Design Approval application on track for mid-2025 completion
- Operating loss reduced by $14.2 million year-over-year due to cost reduction efforts
- Executed revenue generating agreement with RoPower for Doicesti project FEED Phase 2
- Revenue decreased from $5.8 million in Q2 2023 to $1.0 million in Q2 2024
- Net loss increased from $29.7 million in Q2 2023 to $74.4 million in Q2 2024
- Non-cash expense of $36.7 million related to fair value of warrants outstanding
Insights
NuScale Power's Q2 2024 results reveal a mixed financial picture. The company reported
The cash position remains stable at
NuScale's position as the only SMR certified by the U.S. Nuclear Regulatory Commission gives it a significant competitive advantage in the rapidly growing market for carbon-free baseload power. The company's focus on data centers is strategic, as these facilities require constant, reliable energy sources. NuScale's ability to place power modules on-site could be a game-changer for industries needing uninterrupted, decarbonized electricity.
The advancement of the Doicesti SMR power plant project in Romania, with the authorization of FEED Phase 2, demonstrates progress in international markets. Additionally, the ongoing Standard Design Approval application review by the NRC, on track for mid-2025 completion, further solidifies NuScale's regulatory standing and market readiness.
NuScale's manufacturing preparedness is advancing, as evidenced by their partnership with Doosan Enerbility for forging long lead materials. This collaboration is important for scaling up production and meeting potential demand. The company's focus on manufacturing readiness suggests they're positioning themselves for rapid deployment once orders start coming in.
However, investors should note that the revenue decline might indicate slower-than-expected progress in converting interest into firm orders. The emphasis on customer conversations and business development, particularly in the data center/AI sector, suggests NuScale is still in the early stages of commercialization. The coming quarters will be critical in determining whether these efforts translate into substantial orders and revenue growth.
- 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 of which is restricted), and no debt, compared to the first quarter of 2024 when the Company had cash and equivalents of$5.1 million ($137.1 million of which was restricted), and no debt.$5.1 million -
For the quarter ended June 30, 2024, NuScale reported revenue of
and a net loss of$1.0 million , while during the prior year period, the Company reported revenue of$74.4 million and a net loss of$5.8 million .$29.7 million -
The second quarter of 2024 net loss included a non-cash expense of
related to the fair value of warrants outstanding, while in the prior year period, the Company reported non-cash income of$36.7 million related to the fair value of our warrants.$7.2 million -
In the second quarter of 2024, NuScale reported an operating loss of
, compared to an operating loss of$41.9 million in the second quarter of 2023. The year-over-year reduction in operating expense of$56.1 million reflects the Company’s actions to reduce costs and operate more efficiently.$14.2 million
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
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
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
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 |
|
|
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 |
||||||||||||||||
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808097800/en/
Investor Contact
Scott Kozak, Director, Investor Relations, NuScale Power
skozak@nuscalepower.com
Media Contact
Chuck Goodnight, Vice President, Business Development, NuScale Power
media@nuscalepower.com
Source: NuScale Power
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