CommercialEarnings

NuScale Plans Its Comeback After a Hard Year

Image: NuScale

NuScale ($SMR) posted its Q4 and FY2023 financial results on Thursday. It was a tough year for the SMR developer, which missed its earnings targets in each quarter of 2023 and shuttered its much-anticipated Carbon Free Power Project in November.

The company reported a $56.4M net loss in Q4 and a $180.1M net loss over the full year, ending the year with $125.4M in cash and equivalents. Total losses per share came in at 25 cents, significantly more than the 14 cents per share analysts projected.

The company pulled in $4.6M in revenue for Q4 and reported yearly revenue of $22.8M.

The last few months in losses: NuScale made waves in 2020 when the DOE awarded the company and a handful of partners a contract worth $1.35B for the Carbon Free Power Project, a nuclear plant development comprising six SMRs to be built in Utah by 2030. But in November 2023, after ~$600M in government payments, NuScale and its utility partners closed down the project amid rising costs and dwindling relationships.

In January, the company laid off ~28% of its staff to cut $50–60M in annualized costs.

The way forward: NuScale is pushing forward with SMR deployment projects in the US and beyond.

  • Standard Power selected NuScale to supply 24 SMR modules at two facilities in Ohio and Pennsylvania, supported by ENTRA1 Energy.
  • NuScale says it’s building out its pipeline and manufacturing capacity.
  • The RoPower SMR project in Romania is progressing into the engineering and design phase.

NuScale is also participating in upcoming institutional investor conferences hosted by the NYSE, UBS, and Bank of America—ostensibly a step toward securing more capital to keep things running as cash reserves run low.

+ Market check: $SMR was trading at $7.85 per share before market open this morning, up ~9% since earnings were released Thursday afternoon.

+ posts

Lead Reporter of Ignition

Related Stories
Commercial

Nuclear Could Meet 10% of Data Center Power Demand, Deloitte Finds

US data needs aren’t slowing down, and with more data demand comes a corresponding increase in energy consumption.  Every energy think tank and analysis group out there has projections for just how much energy data centers will need in the coming years, and the numbers are high across the board. Current energy demand from data […]

CommercialFusion

Pacific Fusion Plots a Path to Net Gain

Last October, Pacific Fusion emerged from stealth with a splashy $900M Series A and a commitment to build an inertial fusion machine based on the technologies that made the National Ignition Facility (NIF) and the Z Machine successful.  Now, the company has come out with a roadmap to build a net gain facility by 2030—and […]

CommercialReactors

NANO To Build a Research Reactor At UIUC

NANO Nuclear Energy ($NNE) is making plans for its first reactor build. Last week, the publicly traded SMR company announced an agreement with the University of Illinois Urbana-Champaign to build a research reactor on campus. The reactor, a version of the company’s flagship Kronos micro modular reactor, uses tech acquired from the now-bankrupt Ultra Safe […]

Commercial

Dow Goes the Nuclear Route with X-energy

If you still have the idea that nuclear power isn’t an attractive energy source to the major industrial players, think again.  Dow, one of the largest chemicals and plastics producers in the world, announced this week that it is working with X-energy to transition its industrial plant in Seadrift, Texas, to nuclear power in the […]