NuScale Power (SMR) Q4 2024 earnings summary

Executive summary

• Achieved significant progress in SMR commercialization, strengthened financial position, and advanced regulatory milestones, remaining the only SMR with NRC design certification and on track for 77 MW uprate approval by mid-2025.

• Advanced RoPower project in Romania, supporting FEED Phase 2, generating revenue and cash flow.

• Ordered long-lead materials for 12 modules, reflecting confidence in customer pipeline and manufacturing preparedness.

• Engaged in advanced commercial discussions with data center, AI, utility, and government customers seeking 24/7 clean energy.

• Positioned to address surging energy demand from data centers and industrial electrification, with U.S. data center energy use expected to triple by 2028.

Financial highlights

• Ended Q4 2024 with $446.7 million in cash, cash equivalents, and short-term investments, up from $125.4 million at end of 2023.

• Q4 2024 revenue was $34.2 million, up from $4.6 million in Q4 2023; net loss was $180.3 million, including $170 million non-cash warrant expense.

• Full year 2024 revenue was $37 million, net loss $348.4 million, with $223 million of loss from warrant fair value accounting.

• Q4 operating expenses dropped to $43 million from $71.8 million year-over-year, reflecting cost reduction efforts.

• Quarterly operating loss reduced to $11.9 million in Q4 2024 from $71.1 million in Q4 2023.

Outlook and guidance

• Positioned to accelerate growth in 2025 with module production, commercialization partnerships, and ongoing business development with major technology, industrial, and government entities.

• Anticipates completion of NRC review for 77 MW module upgrade by mid-2025, which could broaden customer base.

• RoPower project expected to reach final investment decision in Q4 2025.

• Manufacturing readiness and long lead material orders support a 12-module commercial deployment in the early 2030s.