NuScale Power (NYSE: SMR) Reports Rise in Q4 Revenue, Maintains Positive Outlook

Highlights

• Cash position strengthened to $446.7M, aided by $227.7M in proceeds from warrant exercises.
• Q4 2024 revenue surged to $34.2M from $4.6M YoY.
• Operating expenses reduced by $108.6M, showing progress from R&D to commercialization.

NuScale Power (NYSE:SMR), a leader in small modular reactor (SMR) nuclear technology, has reported its financial results for the fourth quarter and full year of 2024. Despite posting a net loss, the company demonstrated significant progress in its commercialization efforts and bolstered its cash position.

Financial Overview

NuScale's Q4 2024 revenue was $34.2 million, up significantly from the $4.6 million it reported in Q4 2023. This increase marks a major milestone for the company as it continues transitioning from the research and development phase to commercial operations. Despite the positive revenue growth, the company faced a widening net loss for the quarter, reporting a net loss of $180.3 million, compared to $56.4 million in Q4 2023. A substantial non-cash expense of $170 million related to the change in the value of warrants also contributed to the loss.

For the full year, NuScale reported a revenue of $37.0 million, reflecting a similar upward trend but also a substantial net loss of $348.4 million, compared to $180.1 million in 2023. The increase in the annual loss can be attributed to ongoing investments in the company's growth and scaling of its SMR technology.

Operational Progress

NuScale made substantial advancements in its operational objectives in 2024. The company highlighted its continued progress on the RoPower Doicești power plant in Romania, where Fluor is working on the Phase 2 Front-End Engineering and Design (FEED) study. This milestone is pivotal as it brings the company closer to its goal of deploying SMR technology in real-world applications.

Additionally, the company has taken significant steps to prepare for the manufacturing and deployment of its small modular reactors. Doosan Enerbility, a partner in the supply chain, has begun forging materials for 12 NuScale Power Modules, which will help the company scale its operations. This progress is a crucial part of NuScale's plans to meet the growing global demand for clean, 24/7 energy solutions.

Cash Position and Expenses

One of the most significant financial highlights for NuScale in 2024 was its strengthened cash position, which now stands at $446.7 million. This was largely driven by $227.7 million in proceeds from warrant exercises, providing the company with the necessary capital to support its ongoing operations and expansion plans. Operating expenses saw a notable reduction of $108.6 million year-over-year, a clear indicator that the company is successfully transitioning from a research-focused entity to a commercially viable operation.

Despite these improvements, the company still faces significant financial challenges. The net loss of $348.4 million for the full year reflects the heavy investments required to develop and commercialize SMR technology. However, the reduction in operating expenses and the increased revenue are positive signs of NuScale’s ability to manage its costs and grow its business moving forward.

Looking Ahead

NuScale’s continued progress in both its technology and financial strength suggests a promising future for the company as it moves toward commercialization. With strong backing and increasing demand for clean energy solutions, particularly from data centers and artificial intelligence sectors, NuScale is positioning itself as a leader in the nuclear energy market.

As the company enters 2025, the focus will likely be on finalizing customer contracts, scaling manufacturing capabilities, and deploying its SMR technology globally to meet the growing demand for sustainable energy solutions.