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Jun 30, 2024
NuScale Power Q2 2024 Earnings Report
NuScale Power reported a decrease in revenue and a higher net loss compared to the previous year, while operating loss decreased due to cost reduction efforts.
Key Takeaways
NuScale Power reported a revenue of $1.0 million and a net loss of $74.4 million for Q2 2024. The company's cash and equivalents amounted to $136.0 million. Business development activity is accelerating, particularly in the data center/AI sector, and manufacturing preparedness is advancing.
Ended Q2 2024 with $136.0 million in cash and equivalents.
Reported revenue of $1.0 million for Q2 2024.
Q2 2024 net loss was $74.4 million, including a $36.7 million non-cash expense related to warrants.
Operating loss decreased to $41.9 million due to cost reduction efforts.
NuScale Power
NuScale Power
Forward Guidance
The company anticipates additional revenue from Fluor Corporation over the next 12 months related to the Doicesti project FEED Phase 2.
Positive Outlook
- Execution of revenue generating agreement with RoPower.
- Anticipated revenue from Fluor Corporation.
- Advancing customer conversations 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.
- Standard Design Approval application under review by the U.S. Nuclear Regulatory Commission and remains on track for mid-year 2025 completion, as scheduled
Challenges Ahead
- Company’s liquidity and ability to raise capital
- 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