NuScale Power Corp. Files 10-Q for Q1 2024

Ticker: SMR · Form: 10-Q · Filed: May 9, 2024

Sentiment: neutral

Topics: NuScale Power, 10-Q, Q1 2024, Financial Report, Small Modular Reactor

TL;DR

<b>NuScale Power Corp. filed its Q1 2024 10-Q report, detailing financial performance and corporate structure changes.</b>

AI Summary

NUSCALE POWER Corp (SMR) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. NuScale Power Corp. reported its Q1 2024 financial results on May 9, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31st. NuScale Power Corp. was formerly known as Spring Valley Acquisition Corp. until August 28, 2020. The filing includes details on common stock and warrants.

Why It Matters

For investors and stakeholders tracking NUSCALE POWER Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational updates for NuScale Power Corp. for the first quarter of 2024. Understanding the company's financial position and any changes in its capital structure, as detailed in this report, is crucial for assessing its investment potential and future growth prospects.

Risk Assessment

Risk Level: — NUSCALE POWER Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Monitor future filings for revenue growth and progress on project deployments, which are key indicators for NuScale's growth trajectory.

Key Numbers

Key Players & Entities

FAQ

When did NUSCALE POWER Corp file this 10-Q?

NUSCALE POWER Corp filed this Quarterly Report (10-Q) with the SEC on May 9, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by NUSCALE POWER Corp (SMR).

Where can I read the original 10-Q filing from NUSCALE POWER Corp?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by NUSCALE POWER Corp.

What are the key takeaways from NUSCALE POWER Corp's 10-Q?

NUSCALE POWER Corp filed this 10-Q on May 9, 2024. Key takeaways: NuScale Power Corp. reported its Q1 2024 financial results on May 9, 2024.. The filing covers the period from January 1, 2024, to March 31, 2024.. The company's fiscal year ends on December 31st..

Is NUSCALE POWER Corp a risky investment based on this filing?

Based on this 10-Q, NUSCALE POWER Corp presents a moderate-risk profile. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update.

What should investors do after reading NUSCALE POWER Corp's 10-Q?

Monitor future filings for revenue growth and progress on project deployments, which are key indicators for NuScale's growth trajectory. The overall sentiment from this filing is neutral.

How does NUSCALE POWER Corp compare to its industry peers?

NuScale Power Corp. operates in the advanced nuclear reactor sector, focusing on Small Modular Reactors (SMRs). This industry is characterized by long development cycles and significant regulatory oversight.

Are there regulatory concerns for NUSCALE POWER Corp?

The company operates within the highly regulated nuclear energy industry, subject to oversight from bodies like the U.S. Nuclear Regulatory Commission (NRC). Compliance with stringent safety and licensing standards is paramount.

Industry Context

NuScale Power Corp. operates in the advanced nuclear reactor sector, focusing on Small Modular Reactors (SMRs). This industry is characterized by long development cycles and significant regulatory oversight.

Regulatory Implications

The company operates within the highly regulated nuclear energy industry, subject to oversight from bodies like the U.S. Nuclear Regulatory Commission (NRC). Compliance with stringent safety and licensing standards is paramount.

What Investors Should Do

  1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and cash flow.
  2. Review any disclosures regarding project development, regulatory approvals, or strategic partnerships.
  3. Compare key financial metrics to previous quarters and industry benchmarks.

Key Dates

Year-Over-Year Comparison

This filing represents the first quarterly report for 2024, providing an update following the previous annual report (10-K) and prior quarterly filings.

Filing Stats: 4,614 words · 18 min read · ~15 pages · Grade level 15.9 · Accepted 2024-05-09 16:13:39

Key Financial Figures

Filing Documents

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 4.

Controls and Procedures

Controls and Procedures 18

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 19 Item 1A.

Risk Factors

Risk Factors 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 3. Defaults Upon Senior Securities 19 Item 4. Mine Safety Disclosures 19 Item 5. Other Information 19 Item 6. Exhibits 20

Signatures

Signatures 21 Glossary The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing. "CFPP LLC" refers to Carbon Free Power Project, LLC, an entity wholly owned by UAMPS. "CFPP" refers to the Carbon Free Power Project. "Class A common stock" refers to shares of Class A common stock, par value $0.0001 per share, of NuScale Power Corporation. "Class B common stock" refers to shares of Class B common stock, par value $0.0001 per share, of NuScale Power Corporation, which represents the right to one vote per share and carries no economic rights. "Combined interests" refers to the combination of shares of Class B common stock and NuScale LLC Class B units required to be exchanged for Class A common stock. "Common stock" refers collectively to shares of Class A common stock and Class B common stock. "DCRA" refers to the Development Cost Reimbursement Agreement, as amended, entered into with CFPP LLC "DOE" refers to the U.S. Department of Energy. "Exchange Act" refers to the Securities Exchange Act of 1934, as amended. "Fluor" refers to Fluor Enterprises, Inc., a California corporation, which is wholly owned by Fluor Corporation (NYSE: FLR). "GAAP" refers to United States Generally Accepted Accounting Principles. "G&A" expenses refers to general and administrative expenses. "IPO" or "Initial Public Offering" refers to the initial public offering of Spring Valley, which closed on November 27, 2020. "Legacy NuScale Equityholders" refers to the holders of NuScale LLC Class B units. "LLM Agreement" refers to the Long Lead Material Reimbursement Agreement, dated February 28, 2023, entered into between NuScale LLC and CFPP LLC. "Merger" refers to the merger of Merger Sub with and into NuScale LLC, with NuScale LLC as the surviving entity. "Merger Agreement" refers to the Agreement and Plan of Merger, dated as of December 13, 2021 (as amended, modified, supplemented or waived from time to time), between Spring

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements NuScale Power Corporation Condensed Consolidated Balance Sheet (in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 (unaudited) ASSETS Current assets Cash and cash equivalents $ 131,990 $ 120,265 Restricted cash 5,100 5,100 Prepaid expenses 14,576 19,054 Accounts and other receivables 5,103 10,127 Total current assets 156,769 154,546 Property, plant and equipment, net 3,553 4,116 In-process research and development 16,900 16,900 Intangible assets, net 837 882 Goodwill 8,255 8,255 Long-lead material work in process 40,317 36,361 Other assets 3,185 3,798 Total Assets $ 229,816 $ 224,858 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued expenses $ 45,851 $ 44,925 Accrued compensation 5,412 8,546 Long-lead material liability 32,323 32,323 Other accrued liabilities 1,518 1,664 Total current liabilities 85,104 87,458 Warrant liabilities 14,767 5,722 Noncurrent liabilities 1,048 1,442 Deferred revenue 206 898 Total Liabilities 101,125 95,520 Stockholders' Equity Class A common stock, par value $ 0.0001 per share, 332,000,000 shares authorized, 86,760,243 and 76,895,166 shares outstanding as of March 31, 2024 and December 31, 2023, respectively 9 8 Class B common stock, par value $ 0.0001 per share, 179,000,000 shares authorized, 154,473,395 and 154,477,032 shares outstanding as of March 31, 2024 and December 31, 2023, respectively 15 15 Additional paid-in capital 382,068 333,888 Accumulated deficit ( 257,026 ) ( 240,454 ) Total Stockholders' Equity Excluding Noncontrolling Interests 125,066 93,457 Noncontrolling interests 3,625 35,881 Total Stockholders' Equity 128,691 129,338 Total Liabilities and Stockholders' Equity $ 229,816 $ 224,858 The accompanying notes are an integral part of these financial statements. 1 NuScale Power Corporation Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, (in thousands

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