Loading...
•
Mar 31, 2024
NuScale Power Q1 2024 Earnings Report
NuScale Power reported first quarter 2024 results with a focus on commercialization and strategic initiatives.
Key Takeaways
NuScale Power reported a revenue of $1.4 million and a net loss of $48.1 million for the first quarter of 2024. The company is focusing on transitioning towards commercialization and revenue-producing contracts, expecting $50 to $60 million in annualized savings starting in Q2 2024. The company ended the quarter with $137.1 million in cash and equivalents and no debt.
Strategic initiatives implemented to align resources with commercialization goals.
Cash position improved, ending Q1 with $137.1 million in cash and equivalents and no debt.
Revenue reported at $1.4 million, compared to $5.5 million in the same period last year.
Net loss reported at $48.1 million, impacted by a one-time $3.2 million charge and a $9.0 million non-cash adjustment.
NuScale Power
NuScale Power
Forward Guidance
NuScale Power is focusing on strategic initiatives to transition to commercial operations and revenue generation. The company expects significant annualized savings and is positioned to meet the growing demand for reliable, decarbonized energy.
Positive Outlook
- Strategic initiatives expected to generate $50 to $60 million in annualized savings starting in Q2 2024.
- Strong cash position with $137.1 million in cash and equivalents and no debt.
- Focus on commercialization and revenue-producing contracts.
- Advancement in manufacturing of NuScale Power Modules.
- Positioned to support customers' needs for reliable, decarbonized energy.
Challenges Ahead
- Net loss of $48.1 million for the quarter.
- Revenue decreased to $1.4 million compared to $5.5 million in the same period last year.
- One-time $3.2 million charge impacted net loss.
- $9.0 million non-cash adjustment to the fair value of warrants also impacted net loss.
- Transition from R&D to commercial operations presents challenges.