On November 8, 2023, NuScale Power Corp (SMR, Financial) released its third-quarter financial results, revealing both progress in its small modular reactor (SMR) technology commercialization and financial challenges. The company reported an increase in revenue but also a wider net loss compared to the same period in the previous year.
Operational Highlights
NuScale Power Corp (SMR, Financial) has made significant strides in advancing its SMR technology. The company has been selected by Standard Power to provide SMR technology for two advanced nuclear energy facilities in Ohio and Pennsylvania, which are expected to produce nearly 2 GWe of clean energy. This partnership with ENTRA1 Energy is anticipated to strengthen NuScale's business development pipeline. Moreover, NuScale has received a key regulatory approval for the RoPower project in Romania and continues to progress on its Standard Design Approval application with the U.S. Nuclear Regulatory Commission (NRC).
Financial Performance
The company's financial update indicates a healthy balance sheet with $196.6 million in cash and equivalents, of which $79.1 million is restricted, and no debt. For the quarter ended September 30, 2023, NuScale reported a revenue of $7.0 million, up from $3.2 million in the same period last year. However, the net loss for the quarter widened to $58.3 million from $49.6 million in Q3 2022.
Challenges and Termination of CFPP
Despite these achievements, NuScale and Utah Associated Municipal Power Systems mutually agreed to terminate the Carbon Free Power Project (CFPP) due to the unlikelihood of securing enough subscription for deployment. Nevertheless, NuScale is ensuring the successful transfer of materials and elements of the Combined License application for future use with another customer.
Conference Call and Investor Relations
NuScale will host a conference call to discuss the Q3 results, which will be webcast live and accessible via their investor relations page. The call will also be available by telephone, with a replay of the webcast available for 30 days.
About NuScale Power Corp
NuScale Power Corp (SMR, Financial) is at the forefront of SMR nuclear technology, aiming to deliver safe, scalable, and reliable carbon-free energy. As the first SMR to have its design certified by the U.S. NRC, NuScale is positioned to serve a global customer base with diverse energy needs.
For more detailed information on NuScale Power Corp (SMR, Financial)'s financial results and operational progress, investors and interested parties are encouraged to review the full earnings release and to follow the upcoming conference call.
Explore the complete 8-K earnings release (here) from NuScale Power Corp for further details.
