Q2 2024 Nuscale Power Corp Earnings Call Transcript
Key Points
- NuScale Power Corp (SMR) has been authorized to proceed with Phase 2 front-end engineering design (FEED) for the RoPower project in Romania, indicating progress in international collaborations.
- The company is well-positioned in the growing nuclear energy market, with strong bipartisan support in the US for advanced SMR and nuclear energy.
- NuScale's SMR technology is the only one with design certification from the US Nuclear Regulatory Commission (NRC), giving it a competitive edge over peers.
- NuScale has a robust supply chain and strategic partnerships, including with Doosan for manufacturing, which enhances its manufacturing readiness.
- The company has a strategic partnership with ENTRA1 Energy, which helps in deploying SMRs globally and provides a flexible business model for utilities and commercial consumers.
- NuScale reported a significant net loss of $74.4 million for Q2 2024, including a non-cash expense related to an increase in the fair value of warrants.
- Revenue for the quarter was only $1 million, a decrease from $5.8 million in the same period the previous year.
- The company faces challenges in securing independent third parties willing to provide risk capital for reactor deployment, which could delay projects.
- NuScale's operating loss, although reduced from the previous year, remains substantial at $41.9 million.
- The timeline for project announcements, particularly in the data center sector, remains uncertain, with complex transactions taking time to finalize.
Good afternoon and welcome to NuScale's second-quarter 2024 earnings results conference call. Today's call is being recorded. (Operator Instructions) A replay of today's conference call will be available and accessible on NuScale's website at ir.nuscalepower.com. The web replay will be available for 30 days following the earnings call.
At this time, for opening remarks, I'd like to turn the call over to Scott Kozak, Director of Investor Relations. Please go ahead, Mr. Kozak.
Thank you, operator. Welcome to NuScale's second-quarter 2024 earnings results conference call. With us today are John Hopkins, President and Chief Executive Officer; and Ramsey Hamady, Chief Financial Officer.
On today's call, NuScale will provide an update on our business and discuss financial results. We will then open the phone lines for questions. This afternoon, we posted a set of supplemental slides on our Investor Relations website.
As reflected in the Safe Harbor statements on slide 2, the
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