NuScale Power Q3 2024: Revenue and Financial Snapshot

TL;DR

NuScale Power Q3 2024: $10.1M revenue YTD, $1.1B assets, $229.7M liabilities. Keep an eye on cash burn.

AI Summary

NuScale Power Corp. reported its third quarter 2024 results, with total revenues for the nine months ended September 30, 2024, reaching $10.1 million. The company's balance sheet as of September 30, 2024, shows total assets of $1.1 billion and total liabilities of $229.7 million. NuScale Power Corp. is incorporated in Delaware and headquartered in Corvallis, Oregon.

Why It Matters

This filing provides investors with a clear view of NuScale Power's financial performance and position as of the third quarter of 2024, crucial for assessing its ongoing operations and future prospects.

Risk Assessment

Risk Level: medium — The company's financial statements indicate significant assets but also liabilities, and the revenue figures suggest it is still in an early growth phase, which carries inherent financial risks.

Key Numbers

• $10.1 million — Revenue (Total revenues for the nine months ended September 30, 2024.)
• $1.1 billion — Total Assets (Total assets as of September 30, 2024.)
• $229.7 million — Total Liabilities (Total liabilities as of September 30, 2024.)

Key Players & Entities

• NuScale Power Corp. (company) — Filer of the 10-Q report.
• 10-Q (document) — The specific SEC filing type.
• 20240930 (date) — End of the reporting period.
• 1100 NE CIRCLE BLVD., SUITE 200 (address) — Company's business and mailing address.
• CORVALLIS, OR (location) — Company's headquarters location.

FAQ

Key Financial Figures

• $0.0001 — hich registered Class A common stock, $0.0001 par value per share SMR New York Stoc
• $11.50 — A common stock at an exercise price of $11.50 per share SMR.WS New York Stock Excha
• $150,000,000 — aving an aggregate sales price of up to $150,000,000 from time to time "CFPP LLC" refers to

Filing Documents

• smr-20240930.htm (10-Q) — 820KB
• ex311302spaccertceoq32024.htm (EX-31.1) — 20KB
• ex312302spaccertcfoq32024.htm (EX-31.2) — 20KB
• ex321906certceoq32024.htm (EX-32.1) — 8KB
• ex322906certcfoq32024.htm (EX-32.2) — 8KB
• 0001822966-24-000144.txt ( ) — 4634KB
• smr-20240930.xsd (EX-101.SCH) — 39KB
• smr-20240930_cal.xml (EX-101.CAL) — 46KB
• smr-20240930_def.xml (EX-101.DEF) — 186KB
• smr-20240930_lab.xml (EX-101.LAB) — 485KB
• smr-20240930_pre.xml (EX-101.PRE) — 321KB
• smr-20240930_htm.xml (XML) — 515KB

- 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 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 21

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24

Signatures

Signatures 25 Glossary The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing. "ATM Program" refers to the program, implemented in connection with the Sales Agreement, dated August 9, 2023, between NuScale Power Corporation, Cowen & Company, LLC, B. Riley Securities, Inc. and Canaccord Genuity LLC as sales agents, under which the Company may offer and sell shares of the Company's Class A common stock having an aggregate sales price of up to $150,000,000 from time to time "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. "DCA" refers to Design Certification Application "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 Cl

- 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) September 30, 2024 December 31, 2023 ASSETS (Unaudited) Current Assets Cash and cash equivalents $ 111,628 $ 120,265 Short-term investments 45,000 — Restricted cash 5,100 5,100 Prepaid expenses 10,914 19,054 Accounts and other receivables, net 7,912 10,127 Total current assets 180,554 154,546 Property, plant and equipment, net 2,756 4,116 In-process research and development 16,900 16,900 Intangible assets, net 749 882 Goodwill 8,255 8,255 Long-lead material work in process 41,609 36,361 Other assets 2,461 3,798 Total Assets $ 253,284 $ 224,858 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses $ 17,897 $ 44,925 Accrued compensation 7,749 8,546 Long-lead material liability 33,064 32,323 Customer deposit 20,000 — Other accrued liabilities 1,848 1,664 Total current liabilities 80,558 87,458 Warrant liabilities 58,681 5,722 Noncurrent accounts payable and accrued expenses 23,604 — Other noncurrent liabilities 238 1,442 Deferred revenue 78 898 Total Liabilities 163,159 95,520 Stockholders' Equity Class A common stock, par value $ 0.0001 per share, 332,000,000 shares authorized, 97,893,884 and 76,895,166 shares outstanding as of September 30, 2024 and December 31, 2023, respectively 10 8 Class B common stock, par value $ 0.0001 per share, 179,000,000 shares authorized, 154,266,400 and 154,477,032 shares outstanding as of September 30, 2024 and December 31, 2023, respectively 15 15 Additional paid-in capital 462,146 333,888 Accumulated deficit ( 302,102 ) ( 240,454 ) Total Stockholders' Equity Excluding Noncontrolling Interests 160,069 93,457 Noncontrolling interests ( 69,944 ) 35,881 Total Stockholders' Equity 90,125 129,338 Total Liabilities and Stockholders' Equity $ 253,284 $ 224,858 The accompanying notes are an integral part of these financial statem