NuScale Power Announces Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
NuScale Power Announces Second Quarter 2024 Financial Results
NuScale Power Corporation (NYSE:SMR), a leading provider of advanced small modular reactor nuclear technology, has reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 (YoY) | Consensus Estimates |
|---|---|---|---|
| Total Revenue | $1.0 million | $5.8 million | $6.9 million |
| Earnings Per Share (EPS) | -$0.19 | -$0.54 | -$0.13 |
| Operating Loss | $41.9 million | $56.1 million | Not Provided |
| Net Loss | $74.4 million | $29.7 million | Not Provided |
Financial performance highlights: - Total Revenue : NuScale reported substantially less revenue ($1.0 million) compared to both the previous year ($5.8 million) and consensus estimates ($6.9 million), indicating underperformance in meeting revenue expectations. - EPS : The EPS of -$0.19, while negative, shows a slight improvement year-over-year but falls short of the consensus estimate of -$0.13. - Operating Loss : The company’s operating loss reduced by approximately 25.4% year-over-year, reflecting improved operational efficiencies.
Segment Revenue Performance
| Segment | Q2 2024 Revenue |
|---|---|
| Data Center/AI Sector | Not Provided |
| RoPower Agreement | Not Provided |
| Fluor Corporation | Anticipated |
Segment performance interpretation: - No specific revenue breakout was provided for individual segments. However, the company mentioned increased business development activity, particularly in the data center/AI sector, and anticipates additional revenue from a new agreement with RoPower and Fluor Corporation.
Key Operational Data
| Operational Metric | Q2 2024 | Prior Data |
|---|---|---|
| Cash and Equivalents | $136.0 million | $137.1 million |
| Debt | NULL | NULL |
Operational performance highlights: - NuScale maintained a strong cash position with $136.0 million in cash and equivalents by the end of Q2 2024 and had no debt, indicating robust financial health.
Executive Commentary
John Hopkins, President and CEO, emphasized NuScale's positioning as the only SMR certified by the U.S. Nuclear Regulatory Commission, and highlighted significant progress in customer engagement, particularly in the high-demand data center/AI sector. The company's unique capability to provide onsite, reliable, decarbonized electricity was noted as a significant competitive advantage.
Dividend and Share Repurchase Programs
No dividends or share repurchase programs were announced during this earnings report.
Forward Guidance
The company did not provide specific forward guidance for the upcoming quarters. However, they anticipate additional revenue from their ongoing contributions to the RoPower and Fluor Corporation projects.
Stock Price Movement
After the earnings release, NuScale Power’s stock experienced a slight decline, with a percentage change of -1.04%.
In summary, NuScale Power faced a challenging second quarter with significant year-over-year revenue reduction and missed consensus estimates. However, strategic operational improvements and new agreements signal potential for future growth and stabilization.