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NuScale Power Reports Fourth Quarter and Full Year 2023 Results

14 March 2024
  • Continued progress toward commercialization of small modular reactor (SMR) technology to meet consumer demand for safe, reliable, 24/7 and carbon-free baseload energy
  • Planning underway for RoPower project’s Phase 2 Front-End Engineering and Design (FEED) work
  • Standard Design Approval application accepted and under review by the U.S. Nuclear Regulatory Commission (NRC)
  • Doosan Enerbility continues to produce forgings and materials associated with the manufacture of the first NuScale Power Modules™
  • Company executed a resource optimization plan to reduce expenses and better position NuScale commercially, financially and strategically

PORTLAND, Ore. / Mar 14, 2024 / Business Wire / NuScale Power Corporation (NYSE: SMR), the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, today announced results for the fourth quarter and full year ended December 31, 2023.

“Over the course of 2023, we made significant progress towards commercializing our SMR technology, including continued activities to ensure readiness for manufacturing of our first NuScale Power Modules, building traction amongst data centers and further developing industrial applications for SMRs, such as process heat, hydrogen, and ammonia production,” said John Hopkins, President and Chief Executive Officer of NuScale Power. “Additionally, as the first and only SMR to receive U.S. Nuclear Regulatory Commission design approval and certification and have Long Lead Materials in production, NuScale maintains our position as the global first mover in commercial SMR development. We continue to receive serious interest from major technology and industrial companies, utilities, national and local governments, and others seeking 24/7 clean, reliable energy and process heat.”

Business Update

  • RoPower project working to advance into the next phase of development by initiating Phase 2 Front-End Engineering and Design.
  • NuScale technology was selected by Standard Power to support the development of two SMR-powered facilities in Ohio and Pennsylvania. The facilities are planned to produce nearly 2 GW of clean energy through the deployment of 24 NuScale Power Modules.
  • Standard Design Approval (SDA) application for an uprated 77 MWe module design was accepted for review by the NRC in July 2023 and NuScale received a schedule for an anticipated 24-month review process. The increased power output will support the capacity needs of a wider range of customers with 12 modules producing nearly a gigawatt of electricity.
  • As NuScale accelerates its commercialization efforts, it is also initiating the manufacture of NuScale Power Modules. Notably, our supply chain partners commenced the production of long lead time components, including forgings and other materials associated with the first NuScale Power Modules.

Financial Update

  • Balance sheet includes cash and equivalents of $125.4 million ($5.1 million of which is restricted), and no debt.
  • In response to the burgeoning market opportunities and the reality of lengthy sales and development cycles, in January 2024, NuScale announced cost efficiency actions projected to result in approximately $50-60 million in annualized savings. The Company is redirecting resources to the most immediate commercial opportunities with a focus on advancing revenue-generating projects, securing new orders and positioning NuScale towards long-term success.
  • Revenue of $4.6 million and net loss of $56.4 million for the three-month period ended December 31, 2023, compared to revenue of $3.4 million and a net loss of $47.2 million, respectively, for the same period in 2022. Revenue of $22.8 million and a net loss of $180.1 million for the twelve-month period ended December 31, 2023, compared to revenue of $11.8 million and a net loss of $141.6 million for the same period in 2022.

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

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 U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.

Founded in 2007, NuScale is headquartered in Portland, Ore. 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 severity and duration of the COVID-19 pandemic and actions by governments, businesses and individuals in response to the pandemic, including the duration and severity of economic disruptions; 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, 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; risks related to provisions of our convertible preferred stock; and restrictions on possible transactions imposed by our charter documents and Delaware law. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company’s results may differ materially from its expectations and projections.

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, the Form S-1 filed on March 20, 2023, and declared effective on March 23, 2023, the Registration Statement on Form S-3 filed on June 1, 2023 and declared effective on June 5, 2023, and under similar headings in subsequent filings with the U.S. Securities and Exchange Commission. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at This email address is being protected from spambots. You need JavaScript enabled to view it.. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.

UNAUDITED

 

NuScale Power Corporation

 

Consolidated Balance Sheet

 
      

 

(in thousands, except share and per share amounts)

 

December 31,

2023

 

December 31,

2022

 

ASSETS

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

$

120,265

 

$

217,685

 

Short-term investments

 

 

 

 

50,000

 

Restricted cash

 

 

5,100

 

 

 

Prepaid expenses

 

 

19,054

 

 

5,531

 

Accounts and other receivables

 

 

10,127

 

 

11,199

 

Total current assets

 

 

154,546

 

 

284,415

 

Property, plant and equipment, net

 

 

4,116

 

 

4,770

 

In-process research and development

 

 

16,900

 

 

16,900

 

Intangible assets, net

 

 

882

 

 

1,059

 

Goodwill

 

 

8,255

 

 

8,255

 

Long-lead material work in process

 

 

36,361

 

 

 

Restricted cash

 

 

 

 

26,532

 

Other assets

 

 

3,798

 

 

6,704

 

Total assets

 

$

224,858

 

$

348,635

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current liabilities

 

 

 

 

 

Accounts payable and accrued expenses

 

$

44,925

 

$

27,951

 

Accrued compensation

 

 

8,546

 

 

9,038

 

Long-lead material liability

 

 

32,323

 

 

 

Other accrued liabilities

 

 

1,664

 

 

1,568

 

Total current liabilities

 

 

87,458

 

 

38,557

 

Warrant liabilities

 

 

5,722

 

 

29,349

 

Deferred revenue

 

 

898

 

 

856

 

Noncurrent liabilities

 

 

1,442

 

 

2,786

 

Total liabilities

 

 

95,520

 

 

71,548

 
Stockholders' Equity   

Class A common stock, par value $0.0001 per share, 332,000,000 shares authorized, 76,895,166 and 69,353,019 shares issued and outstanding as of December 31, 2023 and 2022, respectively

 

8

 

 

 

7

 

Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 154,477,032 and 157,090,820 shares issued and outstanding as of December 31, 2023 and 2022, respectively

 

15

 

 

 

16

 

Additional paid-in capital

 

333,888

 

 

 

296,748

 

Accumulated deficit

 

(240,454

)

 

 

(182,092

)

Total Stockholders' Equity Excluding Noncontrolling Interests

 

93,457

 

 

 

114,679

 

Noncontrolling interests

 

35,881

 

 

 

162,408

 

Total Stockholders' Equity

$

129,338

 

 

$

277,087

 

Total Liabilities and Stockholders' Equity

$

224,858

 

 

$

348,635

 

 UNAUDITED

NuScale Power Corporation

Consolidated Statements of Operations

 

 

Year Ended December 31,

(in thousands, except share and per share amounts)

 

2023

 

 

2022

 

 

2021

 

Revenue

$

22,810

 

$

11,804

 

$

2,862

 

Cost of sales

 

(18,961

)

 

(7,317

)

 

(1,770

)

Gross margin

 

3,849

 

 

4,487

 

 

1,092

 

Research and development expenses

 

156,050

 

 

127,662

 

 

94,388

 

General and administrative expenses

 

65,404

 

 

55,307

 

 

38,725

 

Other expenses

 

57,960

 

 

51,513

 

 

42,279

 

Loss from operations

 

(275,565

)

 

(229,995

)

 

(174,300

)

Sponsored cost share

 

61,031

 

 

72,514

 

 

73,522

 

Change in fair value of warrant liabilities

 

23,627

 

 

12,148

 

 

 

Interest income (expense)

 

10,792

 

 

3,760

 

 

(1,715

)

Loss before income taxes

 

(180,115

)

 

(141,573

)

 

(102,493

)

Provision (benefit) for income taxes

 

 

 

 

 

 

Net loss

 

(180,115

)

 

(141,573

)

 

(102,493

)

Net loss attributable to legacy NuScale LLC holders prior to Transaction

 

 

 

(31,155

)

 

 

Net loss attributable to noncontrolling interests

 

(121,753

)

 

(84,504

)

 

 

Net Loss Attributable to Class A Common Stockholders

 

(58,362

)

 

(25,914

)

 

(102,493

)

 

 

 

 

Loss Per Share of Class A Common Stock:

 

 

 

Basic and Diluted

$

(0.80

)

$

(0.51

)

$

 

 

 

 

 

Weighted-Average Shares of Class A Common Stock Outstanding:

 

 

 

Basic and Diluted

 

73,386,018

 

 

50,763,844

 

 

 

 

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