NuScale Quarterly Report

PORTLAND, Ore., August 08, 2024--(BUSINESS WIRE)--NuScale Power Corporation (NYSE: SMR), the industry-leading provider of proprietary and innovative advanced small modular reactor nuclear technology, today announced results for the second quarter ended June 30, 2024.

"As the only SMR certified by the U.S. Nuclear Regulatory Commission, NuScale is uniquely prepared to deliver in a customer environment intensely focused on near-term deployment of carbon free power," said John Hopkins, President and Chief Executive Officer of NuScale Power. "New data centers are opening almost daily – and each of them needs consistent, uninterrupted power. With the ability to locate our power modules onsite, NuScale can provide data centers and other industries the baseload decarbonized electricity they need without relying on external connections. We continue to advance conversations with potential customers around the world as we progress the manufacturing of our advanced SMR technology."

Financial Update

During the second quarter of 2024:

• NuScale ended the second quarter with cash and equivalents of $136.0 million ($5.1 million of which is restricted), and no debt, compared to the first quarter of 2024 when the Company had cash and equivalents of $137.1 million ($5.1 million of which was restricted), and no debt.
• For the quarter ended June 30, 2024, NuScale reported revenue of $1.0 million and a net loss of $74.4 million, while during the prior year period, the Company reported revenue of $5.8 million and a net loss of $29.7 million.
• The second quarter of 2024 net loss included a non-cash expense of $36.7 million related to the fair value of warrants outstanding, while in the prior year period, the Company reported non-cash income of $7.2 million related to the fair value of our warrants.
• In the second quarter of 2024, NuScale reported an operating loss of $41.9 million, compared to an operating loss of $56.1 million in the second quarter of 2023. The year-over-year reduction in operating expense of $14.2 million reflects the Company’s actions to reduce costs and operate more efficiently.

Subsequent to the second quarter of 2024:

• Subsequent to the second quarter of 2024, the Company executed a revenue generating agreement with RoPower in relation to the advancement of Doicesti project FEED Phase 2.
• Over the next 12 months, we anticipate additional revenue from Fluor Corporation in respect of our continued contributions towards this project.