GE Vernova Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>GE Vernova Inc. filed its Q1 2024 10-Q report detailing financial performance and corporate information.</b>

AI Summary

GE Vernova Inc. (GEV) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. GE Vernova Inc. reported financial results for the quarter ending March 31, 2024. The filing is a 10-Q, indicating a quarterly report. The company's principal executive offices are located at 58 Charles Street, Cambridge, MA. GE Vernova Inc. was formerly known as GE Vernova LLC, with a name change effective October 10, 2023. The report covers the fiscal period from January 1, 2024, to March 31, 2024.

Why It Matters

For investors and stakeholders tracking GE Vernova Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on GE Vernova's financial health and operational performance for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's trajectory following its separation and as it operates as an independent entity.

Risk Assessment

Risk Level: low — GE Vernova Inc. shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) providing routine financial updates and corporate information, without immediate indications of significant adverse events.

Analyst Insight

Monitor future 10-Q filings for trends in revenue, net income, and debt levels to assess GE Vernova's ongoing financial performance.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-04-30 — Filing Date (Filed as of date)
• 2023-10-10 — Name Change Date (Date of former name change)

Key Players & Entities

• GE Vernova Inc. (company) — Filer name
• GE Vernova LLC (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-04-30 (date) — Filed as of date
• 58 Charles Street, Cambridge, MA (address) — Business and mailing address
• 617-674-7555 (phone) — Business phone number
• 0001996810-24-000008 (filing_id) — Accession number

FAQ

Industry Context

GE Vernova operates in the energy sector, focusing on power generation and grid solutions.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Track GE Vernova's performance against industry benchmarks and competitor filings.
3. Analyze any disclosed risk factors or subsequent events for potential impacts on the company's outlook.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for GE Vernova Inc. as a standalone public company following its separation from General Electric.

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share GEV New York Stock Exchange
• $1.2 billion — f March 31, 2024, we had investments of $1.2 billion in renewable energy commercial projects
• $0.1 billion — projects that generated tax credits of $0.1 billion for the three months ended March 31, 20
• $0.7 billion — performance obligations (RPO) increased $0.7 billion from December 31, 2023. For the three m
• $7.3 b — ded March 31, 2024, total revenues were $7.3 billion, an increase of $0.4 billion for
• $0.4 billion — enues were $7.3 billion, an increase of $0.4 billion for the quarter. Net income (loss) was
• $0.2 billion — loss) was $(0.1) billion, a decrease of $0.2 billion in net loss for the quarter, and net in
• $0.68 — 24, a decrease in the loss per share of $0.68 for the quarter. Cash flows from (used
• $0.2 b — ed March 31, 2024, Adjusted EBITDA* was $0.2 billion, an increase of $0.4 billion. Adj
• $0.3 billion — ome* was $(0.1) billion, an increase of $0.3 billion for the three months ended March 31, 20
• $0.84 — 24, a decrease in the loss per share of $0.84 for the quarter. Free cash flow* was $(
• $8.1 billion — e Wind and Offshore Wind. RPO increased $8.1 billion (7%) from March 31, 2023 primarily at E
• $6.4 billion — 1, 2023 primarily at Electrification by $6.4 billion where Grid Solutions received several l
• $0.3 b — se effects, organic revenues* increased $0.3 billion, with organic equipment revenues*
• $0.1 b — increase in segment results at Power of $0.1 billion, primarily attributable to higher

Filing Documents

• gev-20240331.htm (10-Q) — 1399KB
• gev1q2024exhibit101.htm (EX-10.1) — 920KB
• gev1q2024exhibit102.htm (EX-10.2) — 753KB
• gev1q2024exhibit1016.htm (EX-10.16) — 34KB
• gev1q2024exhibit1017.htm (EX-10.17) — 25KB
• gev1q202410qexhibit31a1111.htm (EX-31.A) — 8KB
• gev1q202410qexhibit31b1112.htm (EX-31.B) — 8KB
• gev1q202410qexhibit321111.htm (EX-32) — 5KB
• gev-20240331_g1.gif (GRAPHIC) — 86KB
• logo2.jpg (GRAPHIC) — 11KB
• logoa.jpg (GRAPHIC) — 12KB
• 0001996810-24-000008.txt (&nbsp;) — 10475KB
• gev-20240331.xsd (EX-101.SCH) — 64KB
• gev-20240331_cal.xml (EX-101.CAL) — 94KB
• gev-20240331_def.xml (EX-101.DEF) — 318KB
• gev-20240331_lab.xml (EX-101.LAB) — 671KB
• gev-20240331_pre.xml (EX-101.PRE) — 503KB
• gev-20240331_htm.xml (XML) — 1248KB

Forward-Looking Statements 3

Forward-Looking Statements 3 About GE Vernova 4

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) 4

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) 4 Transition to Stand-alone Company 4 Results of Operations 5 Segment Operations 7 Other Combined Information 10 Capital Resources and Liquidity 10 Recently Issued Accounting Pronouncements 12 Critical Accounting Estimates 12 Non-GAAP Financial Measures 13

Controls and Procedures 15

Controls and Procedures 15

Financial Statements and Notes 16

Financial Statements and Notes 16 Combined Statement of Income (Loss) 16 Combined Statement of Financial Position 17 Combined Statement of Cash Flows 18 Combined Statement of Comprehensive Income (Loss) 19 Combined Statement of Changes in Equity 19 Note 1 Organization and Basis of Presentation 20 Note 2 Summary of Significant Accounting Policies 20 Note 3 Dispositions and Businesses Held for Sale 21 Note 4 Current and Long-Term Receivables 21 Note 5 Inventories, Including Deferred Inventory Costs 22 Note 6 Property, Plant, and Equipment 22 Note 7 Leases 22 Note 8 Goodwill and Other Intangible Assets 22 Note 9 Contract and Other Deferred Assets & Contract Liabilities and Deferred Income 22 Note 10 Current and All Other Assets 23 Note 11 Equity Method Investments 23 Note 12 Accounts Payable and Equipment Project Payables 24 Note 13 Postretirement Benefit Plans 24 Note 14 Current and All Other Liabilities 24 Note 15 Income Taxes 24 Note 16 Accumulated Other Comprehensive Income (Loss) (AOCI) 25 Note 17 Other Income (Expense) – Net 25 Note 18 Financial Instruments 25 Note 19 Variable Interest Entities 27 Note 20 Commitments, Guarantees, Product Warranties, and Other Loss Contingencies 27 Note 21 Restructuring and Other Charges 28 Note 22 Related Parties 29 Note 23 Segment Information 30 Note 24 Subsequent Events 31 Exhibits 33 Form 10-Q Cross Reference Index 34 Signatures 34 FORWARD-LOOKING STATEMENTS . The public communications and SEC filings of GE Vernova Inc. (the Company, GE Vernova, our, we or us) may contain statements related to future, not past, events. These forward-looking statements often address our current expected future business and financial performance and condition based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements often contain words such as "expect," "anticipate," "intend," "plan," "believe

View Full Filing

View this 10-Q filing on SEC EDGAR