GE Vernova Files 2024 10-K

Ticker: GEV · Form: 10-K · Filed: Feb 6, 2025 · CIK: 1996810

Sentiment: neutral

Topics: 10-K, annual-report, company-filing

TL;DR

GE Vernova dropped its 2024 10-K. All systems go.

AI Summary

GE Vernova Inc. filed its 2024 10-K on February 6, 2025, reporting on its fiscal year ending December 31, 2024. The company, formerly GE Vernova LLC until a name change on October 10, 2023, is incorporated in Delaware and headquartered in Cambridge, MA. Its primary business falls under the Electronic & Other Electrical Equipment sector.

Why It Matters

This filing provides a comprehensive overview of GE Vernova's financial performance and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Players & Entities

FAQ

What is GE Vernova Inc.'s SEC file number?

GE Vernova Inc.'s SEC file number is 001-41966.

When was GE Vernova Inc. formerly known as GE Vernova LLC?

GE Vernova Inc. was formerly known as GE Vernova LLC until October 10, 2023.

What is the fiscal year end for GE Vernova Inc. in this filing?

The fiscal year end for GE Vernova Inc. in this filing is December 31, 2024.

On what date was this 10-K filing submitted?

This 10-K filing was submitted on February 6, 2025.

In which state is GE Vernova Inc. incorporated?

GE Vernova Inc. is incorporated in Delaware (DE).

Filing Stats: 4,312 words · 17 min read · ~14 pages · Grade level 15.7 · Accepted 2025-02-06 07:00:42

Key Financial Figures

Filing Documents

Forward-Looking Statements

Forward-Looking Statements 3 Part I 4

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 31

Cybersecurity

Item 1C. Cybersecurity 31

Properties

Item 2. Properties 32

Legal Proceedings

Item 3. Legal Proceedings 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33 Part II 34

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 34

[Reserved]

Item 6. [Reserved] 34

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 47

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 49 Auditor's Report 49 Consolidated and Combined Statement of Income (Loss) 51 Consolidated and Combined Statement of Financial Position 52 Consolidated and Combined Statement of Cash Flows 53 Consolidated and Combined Statement of Comprehensive Income (Loss) 54 Consolidated and Combined Statement of Changes in Equity 55 Note 1 Organization and Basis of Presentation 56 Note 2 Summary of Significant Accounting Policies 57 Note 3 Dispositions and Businesses Held for Sale 61 Note 4 Current and Long-Term Receivables 62 Note 5 Inventories, Including Deferred Inventory Costs 62 Note 6 Property, Plant, and Equipment 63 Note 7 Leases 63 Note 8 Acquisitions, Goodwill, and Other Intangible Assets 64 Note 9 Contract and Other Deferred Assets & Contract Liabilities and Deferred Income 64 Note 10 Current and All Other Assets 65 Note 11 Equity Method Investments 66 Note 12 Accounts Payable and Equipment Project Payables 67 Note 13 Postretirement Benefit Plans 67 Note 14 Current and All Other Liabilities 72 Note 15 Income Taxes 72 Note 16 Accumulated Other Comprehensive Income (Loss) (AOCI) and Common Stock 75 Note 17 Share-Based Compensation 76 Note 18 Earnings Per Share Information 77 Note 19 Other Income (Expense) – Net 77 Note 20 Financial Instruments 77 Note 21 Variable Interest Entities (VIEs) 80 Note 22 Commitments, Guarantees, Product Warranties, and Other Loss Contingencies 80 Note 23 Restructuring Charges and Separation Costs 81 Note 24 Related Parties 82 Note 25 Segment and Geographical Information 83

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 86

Controls and Procedures

Item 9A. Controls and Procedures 86

Other Information

Item 9B. Other Information 86

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 86 Part III 87

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 87

Executive Compensation

Item 11. Executive Compensation 87

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 87

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 87 Part IV 88

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 88

Form 10-K Summary

Item 16. Form 10-K Summary 89

Signatures

Signatures 90 2024 FORM 10-K 3

FORWARD-LOOKING STATEMENTS. This annual report contains forward-looking statements within the meaning of the Private

FORWARD-LOOKING STATEMENTS. This annual report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as "believe", "expect", "guidance", "anticipate", "intend", "plan", "estimate", "will", "may", and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about the benefits GE Vernova Inc. (the Company, GE Vernova, our, we, or us) expects from our lean operating model; our expectations regarding the energy transition; the demand for our products and services; our expectations of future increased business, revenues, and operating results; our ability to innovate and anticipate and address customer demands; our ability to increase production capacity, efficiencies, and quality; our underwriting and risk management; the experiences we believe we are gaining across our Haliade-X backlog related to installation timelines and related remediation plans; benefits we expect to receive from the Inflation Reduction Act of 2022 (IRA); current and future customer orders and projects; our actual and planned investments, including in research and development, capital expenditures, joint ventures and other collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure spending; government policies that further or limit the global energy transition; our expected cash generation; our capital allocation framework, including share repurchases and dividends; our restructuring programs and strategies to reduce operational costs; our ability to novate or assign credit support provided by General Electric Company; disputes, litigation, arbitration, and governmental proceedings involving us; the sufficiency and expected uses of our cash, liquidity, and financing arrangements; and our

BUSINESS

ITEM 1. BUSINESS. INTRODUCTION. GE Vernova Inc. (the Company, GE Vernova, our, we, or us) is a global leader in the electric power industry, with products and services that generate, transfer, orchestrate, convert, and store electricity. We design, manufacture, deliver, and service technologies to create a more reliable, secure, and sustainable electric power system, enabling electrification and decarbonization, underpinning the progress and prosperity of the communities we serve. We are a purpose-built company, positioned with a unique scope and scale of solutions to help accelerate the energy transition, while servicing and growing our installed base and strengthening our own profitability and stockholder returns. We have a strong history of innovation, which is a key strength enabling us to meet our customers' needs. The breadth of our portfolio also enables us to provide an extensive range of technologies and integrated solutions to help advance our customers' energy and sustainability goals. Our installed base generates approximately 25% of the world's electricity. We build, modernize, and service power systems to help our customers electrify their operations and economies, meet power demand growth, improve system reliability and resiliency, and navigate the energy transition through limiting and reducing emissions. The portfolio of equipment and services that we deliver is diversified across technology types and is adaptable based on electric power market conditions and demand. GE Vernova Inc . is a Delaware corporation with corporate headquarters in Cambridge, Massachusetts. On April 2, 2024, General Electric Company (GE), which now operates as GE Aerospace, completed the previously announced spin-off (the Spin-Off) of GE Vernova. In connection with the Spin-Off, GE distributed all of the shares of our common stock to its stockholders and we became an independent company. See Note 1 in the Notes to the consolidated and combined financial stat

View Full Filing

View this 10-K filing on SEC EDGAR

View on Read The Filing