Earnings season is in full swing, and you know what that means: Another roundup of companies reported results from the second quarter of 2024. Let’s get right into it.
NuScale Cuts Costs, Looks for Revenue Opps
NuScale is doubling down on the “cost-saving initiatives” revealed last quarter as it climbs its way back from a hard 2023, but new revenue sources have proven hard to come by. The SMR developer is seeking new customers and new opportunities to bring in the dough after closing up shop on its much-anticipated Carbon Free Power Project last November due to a lack of partner support.
NuScale’s Q2, by the numbers:
- Cash and equivalents of $136M, roughly on par with NuScale’s bank account at the end of Q1
- $1M in revenue, down from $5.8M in Q2 2023 and lagging far behind analyst estimates
- Net loss of $74.4M
The company reported in its earnings call that it expects revenue from Fluor over the next year, as well as from a newly signed agreement with RoPower. NuScale is also leaning heavily into the potential data center applications of its SMR tech as it looks for revenue opportunities.
$SMR was trading at $9.27 per share as of EOD Friday, with a $2.25B market cap. That’s an ~8% increase over the price at EOD Thursday when the company held its earnings call.
Constellation Starts the Year Off Strong
The US’ largest nuclear operator expects to outearn initial projections for the year after posting its Q2 earnings, and it’s updated profit guidance accordingly. Business is good when you’re running a fleet of nuclear power plants.
Constellation’s Q2, by the numbers:
- Net income of $809M, down from $824M reported in Q2 2023
- Raised full-year adjusted earnings guidance from $7.23–8.03 per share to $7.60–8.40.
- Bought back $500M in stock in Q2. The company has so far bought back ~$2B in shares out of ~$3B approved by the board.
$CEG is trading up ~22% over the last five days.
BWXT Reports Growth, Is Poised for More
BWXT’s second quarter went well, as the company reported slightly higher-than-expected revenue for a quarter filled with new partnerships and opportunities. CEO Rex Geveden pointed to the passage of the ADVANCE Act and increased interest in nuclear energy from the US military as important signals for BWXT looking ahead.
BWXT’s Q2, by the numbers:
- Consolidated revenues of $681.5M, up 11% from the year-ago quarter
- Adj. EBITDA of $126.2M
- $48.3M in cash and cash equivalents
$BWXT is trading up ~7% over the last five days.
+ What’s next? Oklo ($OKLO) has its earnings call tomorrow—its first since entering the public markets.
Lead Reporter of Ignition
