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

PORTLAND, Ore.--(BUSINESS WIRE)-- NuScale Power Corporation (NYSE: SMR), the industry-leading provider of proprietary and innovative advanced small modular reactor nuclear technology, today announced results for the second quarter ended June 30, 2024.

“As the only SMR certified by the U.S. Nuclear Regulatory Commission, NuScale is uniquely prepared to deliver in a customer environment intensely focused on near-term deployment of carbon free power,” said John Hopkins, President and Chief Executive Officer of NuScale Power. “New data centers are opening almost daily – and each of them needs consistent, uninterrupted power. With the ability to locate our power modules onsite, NuScale can provide data centers and other industries the baseload decarbonized electricity they need without relying on external connections. We continue to advance conversations with potential customers around the world as we progress the manufacturing of our advanced SMR technology.”

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

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 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 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 ir@nuscalepower.com. 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
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 $0.0001 per share, 332,000,000 shares authorized, 92,486,358 and 76,895,166 shares outstanding as of June 30, 2024 and December 31, 2023, respectively			9				8
Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 154,464,735 and 154,477,032 shares outstanding as of June 30, 2024 and December 31, 2023, respectively			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

 

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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