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.

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