- Commercialization of NuScale’s proprietary, U.S. Nuclear
Regulatory Commission (NRC) approved, small modular reactor
(SMR) technology continues to be driven by rapidly
growing demand for safe, reliable, 24/7 carbon-free baseload
power.
- Manufacture of NuScale Power Modules™ advances
as Doosan Enerbility, a strategic partner, NuScale investor, and
leading global foundry progresses forgings of long lead materials,
continues manufacturing, and invests in capacity-enhancing
production technology.
- Planning continues between Fluor and RoPower for the RoPower
project’s Phase 2 Front-End Engineering and Design (FEED) work
while commercial and government stakeholders work to finalize
terms.
NuScale Power Corporation (NYSE: SMR), the industry-leading
provider of proprietary and innovative advanced small modular
reactor nuclear technology, today announced results for the first
quarter ended March 31, 2024.
“The criticality of NuScale’s near-term deployable SMR
technology has never been greater than amidst today’s rapidly
expanding power demand landscape,” said John Hopkins, President and
Chief Executive Officer of NuScale Power. “Both government and
private-sectors are struggling with the balance of achieving carbon
reduction pledges amidst unprecedented growth in energy usage
driven by the emergence of hyperscale data centers, artificial
intelligence networks, and the industries supporting them.”
Hopkins added, “The world understands that nuclear power is the
only option for 24/7-reliable, carbon-free baseload energy. As the
sole SMR technology with U.S. NRC design approval and with modules
currently in production, NuScale technology is optimally positioned
to support prospective customers’ needs for reliable, decarbonized
energy.”
Financial Update
During the first quarter of 2024:
- NuScale implemented a series of strategic initiatives to better
align resources with the Company’s primary objective of
transitioning towards commercialization and revenue-producing
commercial contracts. These actions further long-term financial
stability by generating $50 to $60 million in annualized savings,
starting in the second quarter of 2024.
- NuScale improved its cash position, ending the first quarter
with cash and equivalents of $137.1 million ($5.1 million of which
is restricted), and no debt, compared to year-end 2023 when the
Company had cash and equivalents of $125.4 million ($5.1 million of
which was restricted), and no debt.
- NuScale reported revenue of $1.4 million and net loss of $48.1
million for the three-month period ended March 31, 2024, compared
to revenue of $5.5 million and a net loss of $35.6 million for the
same period in 2023. Higher net loss reported in the period was
driven by a one-time $3.2 million charge associated with continuing
our transition from an R&D-based company to commercial
operations, and a $9.0 million non-cash adjustment to the fair
value of our warrants due to an increase in the Company’s share
price.
Conference Call:
NuScale will host a conference call today at 5:00 p.m. ET. A
live webcast of the presentation will be available by dialing (888)
550-5460 with conference ID 4347254 or by visiting the Events
& Presentations page.
A replay of the webcast will be available for 30 days.
About NuScale Power
NuScale Power Corporation (NYSE: SMR) is the industry-leading
provider of proprietary and innovative advanced small modular
reactor (SMR) nuclear technology, with a mission to help power the
global energy transition by delivering safe, scalable, and reliable
carbon-free energy. The company’s groundbreaking SMR technology is
powered by the NuScale Power Module™, a small, safe, pressurized
water reactor that can each generate 77 megawatts of electricity
(MWe) or 250 megawatts thermal (gross), and can be scaled to meet
customer needs through an array of flexible configurations up to
924 MWe (12 modules) of output.
As the first and only SMR to have its design certified by the
U.S. Nuclear Regulatory Commission, NuScale is well-positioned to
serve diverse customers across the world by supplying nuclear
energy for electrical generation, data centers, district heating,
desalination, commercial-scale hydrogen production, and other
process heat applications.
Founded in 2007, NuScale is headquartered in Portland, Ore. To
learn more, visit NuScale Power’s website or follow us on
LinkedIn, Facebook, Instagram, X and
YouTube.
Forward Looking Statements
This release may contain forward-looking statements (including
without limitation statements to the effect that the Company or its
management "will," "believes," "expects," “anticipates,” "plans" or
other similar expressions). These forward-looking statements
include statements relating to strategic and operational plans,
capital deployment, future growth, new awards, backlog, earnings
and the outlook for the company’s business.
Actual results may differ materially as a result of a number of
factors, including, among other things, the Company’s liquidity and
ability to raise capital, the severity and duration of the COVID-19
pandemic and actions by governments, businesses and individuals in
response to the pandemic, including the duration and severity of
economic disruptions; the Company's failure to receive new contract
awards; cost overruns, project delays or other problems arising
from project execution activities, including the failure to meet
cost and schedule estimates; intense competition in the industries
in which we operate; failure of our partners to perform their
obligations; cyber-security breaches; foreign economic and
political uncertainties; client cancellations of, or scope
adjustments to, existing contracts; failure to maintain safe
worksites and international security risks; risks or uncertainties
associated with events outside of our control, including weather
conditions, pandemics, public health crises, political crises or
other catastrophic events; the use of estimates and assumptions in
preparing our financial statements; client delays or defaults in
making payments; the failure of our suppliers, subcontractors and
other third parties to adequately perform services under our
contracts; uncertainties, restrictions and regulations impacting
our government contracts; the inability to hire and retain
qualified personnel; the potential impact of certain tax matters;
possible information technology interruptions; the Company's
ability to secure appropriate insurance; liabilities associated
with the performance of nuclear services; foreign currency risks;
the loss of one or a few clients that account for a significant
portion of the Company's revenues; damage to our reputation;
failure to adequately protect intellectual property rights; asset
impairments; climate change and related environmental issues;
increasing scrutiny with respect to sustainability practices; the
availability of credit and restrictions imposed by credit
facilities for our clients, suppliers, subcontractors or other
partners; failure to obtain favorable results in existing or future
litigation and regulatory proceedings, dispute resolution
proceedings or claims, including claims for additional costs;
failure by us or our employees, agents or partners to comply with
laws; new or changing legal requirements, including those relating
to environmental, health and safety matters; failure to
successfully implement our strategic and operational initiatives;
risks related to provisions of our convertible preferred stock; and
restrictions on possible transactions imposed by our charter
documents and Delaware law. Caution must be exercised in relying on
these and other forward-looking statements. Due to known and
unknown risks, the Company’s results may differ materially from its
expectations and projections.
Additional information concerning these and other factors can be
found in the Company's public periodic filings with the Securities
and Exchange Commission, including the general economic conditions
and other risks, uncertainties and factors set forth in the section
entitled “Cautionary Note Regarding Forward-Looking Statements and
Summary of Risk Factors” in the Company’s annual report on Form
10-K for the period ended December 31, 2023, the Form S-1 filed on
March 20, 2023, and declared effective on March 23, 2023, the
Registration Statement on Form S-3 filed on June 1, 2023 and
declared effective on June 5, 2023, and under similar headings in
subsequent filings with the U.S. Securities and Exchange
Commission. The referenced SEC filings are available either
publicly or upon request from NuScale's Investor Relations
Department at ir@nuscalepower.com. The Company disclaims any intent
or obligation other than as required by law to update its
forward-looking statements in light of new information or future
events.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240509403598/en/
Investor Contact Scott Kozak, Director, Investor
Relations, NuScale Power skozak@nuscalepower.com
Media Contact Chuck Goodnight, Vice President, Business
Development, NuScale Power media@nuscalepower.com
NuScale Power (NYSE:SMR)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
NuScale Power (NYSE:SMR)
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부터 5월(5) 2023 으로 5월(5) 2024