NuScale Power (SMR) Q2 2024 earnings summary

Executive summary

• Advanced to phase II FEED for the RoPower Doicesti SMR project in Romania, with NuScale providing SMR modules and executing a revenue-generating agreement targeting 462 MW capacity using six modules.

• Accelerated business development in data center and AI sectors, with strong demand for reliable, decarbonized energy from industrial customers.

• NuScale remains the only SMR provider with NRC design certification, with Standard Design Approval application on track for mid-2025 completion.

• Transitioned from R&D to commercialization, reducing workforce by 28% and incurring a one-time $3.2 million charge in H1 2024.

• ENTRA1 Energy partnership enables flexible business models for customers seeking SMR-generated energy without asset ownership.

Financial highlights

• Q2 2024 revenue was $1.0 million, down from $5.8 million in Q2 2023, primarily due to the loss of the CFPP LLC contract.

• Net loss for Q2 2024 was $74.4 million, including a $36.7 million non-cash warrant expense, compared to $29.7 million in Q2 2023.

• Operating loss for Q2 2024 was $41.9 million, improved from $56.1 million in Q2 2023 due to cost reductions.

• Cash and equivalents at June 30, 2024 were $136.0 million, with $5.1 million restricted and no debt.

• ATM equity program raised $72.6 million net in H1 2024, with $18.4 million raised post-quarter and $65.1 million capacity remaining.

Outlook and guidance

• Anticipates additional revenue from Fluor for continued work on the Doicesti project over the next 12 months.

• Management expects sufficient funds for R&D and operations for the next twelve months, supported by cost-cutting, ATM equity program, and new RoPower contract.

• No specific revenue or earnings guidance provided until more project visibility is achieved.