- Continued progress toward commercialization of small modular
reactor (SMR) technology to meet consumer demand for safe,
reliable, 24/7 and carbon-free baseload energy
- Planning underway for RoPower project’s Phase 2 Front-End
Engineering and Design (FEED) work
- Standard Design Approval application accepted and under
review by the U.S. Nuclear Regulatory Commission (NRC)
- Doosan Enerbility continues to produce forgings and
materials associated with the manufacture of the first NuScale
Power Modules™
- Company executed a resource optimization plan to reduce
expenses and better position NuScale commercially, financially and
strategically
NuScale Power Corporation (NYSE: SMR), the industry-leading
provider of proprietary and innovative advanced small modular
reactor (SMR) nuclear technology, today announced results for the
fourth quarter and full year ended December 31, 2023.
“Over the course of 2023, we made significant progress towards
commercializing our SMR technology, including continued activities
to ensure readiness for manufacturing of our first NuScale Power
Modules, building traction amongst data centers and further
developing industrial applications for SMRs, such as process heat,
hydrogen, and ammonia production,” said John Hopkins, President and
Chief Executive Officer of NuScale Power. “Additionally, as the
first and only SMR to receive U.S. Nuclear Regulatory Commission
design approval and certification and have Long Lead Materials in
production, NuScale maintains our position as the global first
mover in commercial SMR development. We continue to receive serious
interest from major technology and industrial companies, utilities,
national and local governments, and others seeking 24/7 clean,
reliable energy and process heat.”
Business Update
- RoPower project working to advance into the next phase of
development by initiating Phase 2 Front-End Engineering and
Design.
- NuScale technology was selected by Standard Power to support
the development of two SMR-powered facilities in Ohio and
Pennsylvania. The facilities are planned to produce nearly 2 GW of
clean energy through the deployment of 24 NuScale Power
Modules.
- Standard Design Approval (SDA) application for an uprated 77
MWe module design was accepted for review by the NRC in July 2023
and NuScale received a schedule for an anticipated 24-month review
process. The increased power output will support the capacity needs
of a wider range of customers with 12 modules producing nearly a
gigawatt of electricity.
- As NuScale accelerates its commercialization efforts, it is
also initiating the manufacture of NuScale Power Modules. Notably,
our supply chain partners commenced the production of long lead
time components, including forgings and other materials associated
with the first NuScale Power Modules.
Financial Update
- Balance sheet includes cash and equivalents of $125.4 million
($5.1 million of which is restricted), and no debt.
- In response to the burgeoning market opportunities and the
reality of lengthy sales and development cycles, in January 2024,
NuScale announced cost efficiency actions projected to result in
approximately $50-60 million in annualized savings. The Company is
redirecting resources to the most immediate commercial
opportunities with a focus on advancing revenue-generating
projects, securing new orders and positioning NuScale towards
long-term success.
- Revenue of $4.6 million and net loss of $56.4 million for the
three-month period ended December 31, 2023, compared to revenue of
$3.4 million and a net loss of $47.2 million, respectively, for the
same period in 2022. Revenue of $22.8 million and a net loss of
$180.1 million for the twelve-month period ended December 31, 2023,
compared to revenue of $11.8 million and a net loss of $141.6
million for the same period in 2022.
Conference Call:
NuScale will host a conference call today at 5:00 p.m. ET. A
live webcast of the presentation will be available by dialing (888)
550-5460 with conference ID 4347254 or by visiting the Events
& Presentations page.
A replay of the webcast will be available for 30 days.
About NuScale Power
NuScale Power Corporation (NYSE: SMR) is the industry-leading
provider of proprietary and innovative advanced small modular
reactor (SMR) nuclear technology, with a mission to help power the
global energy transition by delivering safe, scalable, and reliable
carbon-free energy. The company’s groundbreaking SMR technology is
powered by the NuScale Power Module™, a small, safe, pressurized
water reactor that can each generate 77 megawatts of electricity
(MWe) or 250 megawatts thermal (gross), and can be scaled to meet
customer needs through an array of flexible configurations up to
924 MWe (12 modules) of output.
As the first and only SMR to have its design certified by the
U.S. Nuclear Regulatory Commission, NuScale is well-positioned to
serve diverse customers across the world by supplying nuclear
energy for electrical generation, district heating, desalination,
commercial-scale hydrogen production, and other process heat
applications.
Founded in 2007, NuScale is headquartered in Portland, Ore. To
learn more, visit NuScale Power’s website or follow us on
LinkedIn, Facebook, Instagram, X and
YouTube.
Forward Looking Statements
This release may contain forward-looking statements (including
without limitation statements to the effect that the Company or its
management "will," "believes," "expects," “anticipates,” "plans" or
other similar expressions). These forward-looking statements
include statements relating to strategic and operational plans,
capital deployment, future growth, new awards, backlog, earnings
and the outlook for the company’s business.
Actual results may differ materially as a result of a number of
factors, including, among other things, the Company’s liquidity and
ability to raise capital, the severity and duration of the COVID-19
pandemic and actions by governments, businesses and individuals in
response to the pandemic, including the duration and severity of
economic disruptions; the 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; cyber-security breaches; foreign economic and
political uncertainties; client cancellations of, or scope
adjustments to, existing contracts; failure to maintain safe
worksites and international security risks; risks or uncertainties
associated with events outside of our control, including weather
conditions, pandemics, public health crises, political crises or
other catastrophic events; the use of estimates and assumptions in
preparing our financial statements; client delays or defaults in
making payments; the failure of our suppliers, subcontractors and
other third parties to adequately perform services under our
contracts; uncertainties, restrictions and regulations impacting
our government contracts; the inability to hire and retain
qualified personnel; the potential impact of certain tax matters;
possible information technology interruptions; the Company's
ability to secure appropriate insurance; liabilities associated
with the performance of nuclear services; foreign currency risks;
the loss of one or a few clients that account for a significant
portion of the Company's revenues; damage to our reputation;
failure to adequately protect intellectual property rights; asset
impairments; climate change and related environmental issues;
increasing scrutiny with respect to sustainability practices; the
availability of credit and restrictions imposed by credit
facilities for our clients, suppliers, subcontractors or other
partners; failure to obtain favorable results in existing or future
litigation and regulatory proceedings, dispute resolution
proceedings or claims, including claims for additional costs;
failure by us or our employees, agents or partners to comply with
laws; new or changing legal requirements, including those relating
to environmental, health and safety matters; failure to
successfully implement our strategic and operational initiatives;
risks related to provisions of our convertible preferred stock; and
restrictions on possible transactions imposed by our charter
documents and Delaware law. Caution must be exercised in relying on
these and other forward-looking statements. Due to known and
unknown risks, the Company’s results may differ materially from its
expectations and projections.
Additional information concerning these and other factors can be
found in the Company's public periodic filings with the Securities
and Exchange Commission, including the general economic conditions
and other risks, uncertainties and factors set forth in the section
entitled “Cautionary Note Regarding Forward-Looking Statements and
Summary of Risk Factors” in the Company’s annual report on Form
10-K for the period ended December 31, 2023, the Form S-1 filed on
March 20, 2023, and declared effective on March 23, 2023, the
Registration Statement on Form S-3 filed on June 1, 2023 and
declared effective on June 5, 2023, and under similar headings in
subsequent filings with the U.S. Securities and Exchange
Commission. The referenced SEC filings are available either
publicly or upon request from NuScale's Investor Relations
Department at ir@nuscalepower.com. The Company disclaims any intent
or obligation other than as required by law to update its
forward-looking statements in light of new information or future
events.
UNAUDITED
NuScale Power
Corporation
Consolidated Balance
Sheet
(in thousands, except share and per
share amounts)
December 31,
2023
December 31,
2022
ASSETS
Current assets
Cash and cash equivalents
$
120,265
$
217,685
Short-term investments
—
50,000
Restricted cash
5,100
—
Prepaid expenses
19,054
5,531
Accounts and other receivables
10,127
11,199
Total current assets
154,546
284,415
Property, plant and equipment, net
4,116
4,770
In-process research and development
16,900
16,900
Intangible assets, net
882
1,059
Goodwill
8,255
8,255
Long-lead material work in process
36,361
—
Restricted cash
—
26,532
Other assets
3,798
6,704
Total assets
$
224,858
$
348,635
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued expenses
$
44,925
$
27,951
Accrued compensation
8,546
9,038
Long-lead material liability
32,323
—
Other accrued liabilities
1,664
1,568
Total current liabilities
87,458
38,557
Warrant liabilities
5,722
29,349
Deferred revenue
898
856
Noncurrent liabilities
1,442
2,786
Total liabilities
95,520
71,548
Stockholders' Equity
Class A common stock, par value $0.0001
per share, 332,000,000 shares authorized, 76,895,166 and 69,353,019
shares issued and outstanding as of December 31, 2023 and 2022,
respectively
8
7
Class B common stock, par value $0.0001
per share, 179,000,000 shares authorized, 154,477,032 and
157,090,820 shares issued and outstanding as of December 31, 2023
and 2022, respectively
15
16
Additional paid-in capital
333,888
296,748
Accumulated deficit
(240,454
)
(182,092
)
Total Stockholders' Equity Excluding
Noncontrolling Interests
93,457
114,679
Noncontrolling interests
35,881
162,408
Total Stockholders' Equity
$
129,338
$
277,087
Total Liabilities and Stockholders'
Equity
$
224,858
$
348,635
UNAUDITED
NuScale Power
Corporation
Consolidated Statements of
Operations
Year Ended December
31,
(in thousands, except share and per
share amounts)
2023
2022
2021
Revenue
$
22,810
$
11,804
$
2,862
Cost of sales
(18,961
)
(7,317
)
(1,770
)
Gross margin
3,849
4,487
1,092
Research and development expenses
156,050
127,662
94,388
General and administrative expenses
65,404
55,307
38,725
Other expenses
57,960
51,513
42,279
Loss from operations
(275,565
)
(229,995
)
(174,300
)
Sponsored cost share
61,031
72,514
73,522
Change in fair value of warrant
liabilities
23,627
12,148
—
Interest income (expense)
10,792
3,760
(1,715
)
Loss before income taxes
(180,115
)
(141,573
)
(102,493
)
Provision (benefit) for income taxes
—
—
—
Net loss
(180,115
)
(141,573
)
(102,493
)
Net loss attributable to legacy NuScale
LLC holders prior to Transaction
—
(31,155
)
—
Net loss attributable to noncontrolling
interests
(121,753
)
(84,504
)
—
Net Loss Attributable to Class A Common
Stockholders
(58,362
)
(25,914
)
(102,493
)
Loss Per Share of Class A Common
Stock:
Basic and Diluted
$
(0.80
)
$
(0.51
)
$
—
Weighted-Average Shares of Class A
Common Stock Outstanding:
Basic and Diluted
73,386,018
50,763,844
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240314556079/en/
Investor Contact Scott Kozak, Director, Investor
Relations, NuScale Power skozak@nuscalepower.com
Media Contact Chuck Goodnight, Vice President, Business
Development, NuScale Power media@nuscalepower.com
NuScale Power (NYSE:SMR)
過去 株価チャート
から 4 2024 まで 5 2024
NuScale Power (NYSE:SMR)
過去 株価チャート
から 5 2023 まで 5 2024