CommercialEarnings

NuScale Power Sees Rocky Start to 2024

Image: NuScale

NuScale Power Corp. ($SMR), an Oregon-based SMR developer, posted Q1 financial results on Thursday, highlighting the company’s continued struggles following losses in 2023.

NuScale’s Q1, by the numbers:

  • The company reported a net loss of $48.1M during the first three months of the year and generated only $1.4M in revenue. 
  • NuScale saw a quarterly loss of $0.21 per share, compared to a loss of $0.16 per share a year ago.

“Both government and private sectors are struggling with the balance of achieving carbon reduction pledges amidst unprecedented growth in energy usage driven by the emergence of hyperscale data centers, artificial intelligence networks, and the industries supporting them,” said John Hopkins, president and CEO of NuScale, in a release emphasizing the importance of SMRs in meeting power demand. 

Cash is king: NuScale’s Q1 losses build off a rocky finish in 2023. Last year, the company reported a $56.4M net loss in Q4 and a $180.1M net loss over the full year.

Despite the Q1 loss, NuScale improved its cash position, ending the quarter with cash and equivalents of $137.1M compared with year-end 2023, which the company ended with cash and equivalents of $125.4M.

Back in control: During Q1, NuScale got serious about saving, starting a handful of programs to kick-start commercialization of its projects and get some revenue through the door.

The company says these initiatives will create long term financial stability by generating $50–$60M in annualized savings, starting in Q2.

NuScale is continuing 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.
  • The RoPower SMR project in Romania is progressing into the engineering and design phase.

+ Market check: $SMR was trading at $6.28 per share as of market close Friday, down over 24% from a year ago, although the stock has doubled in price since the start of 2024.

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