NuScale Power Corporation Reports Revenue Growth to $37M Despite Increased Net Loss

NuScale Power Corporation reported a significant increase in revenue for the fiscal year ending December 31, 2024, generating $37.0 million, up from $22.8 million in 2023. This growth is attributed to engineering and licensing fees related to the advancement of the RoPower Nuclear S.A. project in Romania, which aims to deploy a six-module NuScale Power Module (NPM) plant. Despite the revenue increase, the company reported a net loss of $348.4 million, compared to a loss of $180.1 million in the previous year, primarily due to high research and development (R&D) expenses and general administrative costs.

The company's R&D expenses decreased significantly to $46.8 million from $156.1 million in 2023, reflecting a strategic shift from R&D to commercialization. This reduction was facilitated by cost optimization measures, including personnel cost savings and a decrease in professional fees. Conversely, general and administrative expenses rose to $75.9 million, driven by increased marketing efforts and the write-off of uncollectible receivables. The company also experienced a notable change in the fair value of warrant liabilities, which resulted in a loss of $223.0 million, reflecting the rising stock price and the redemption of outstanding warrants.

NuScale's operational developments include the acceptance of its second Standard Design Approval (SDA) application by the U.S. Nuclear Regulatory Commission (NRC) for the 77 MWe NPM design, with expectations for approval by mid-2025. The company is also focused on expanding its customer base, with ongoing discussions with potential clients and strategic partnerships, including its collaboration with ENTRA1 for the commercialization of its SMR technology. As of December 31, 2024, NuScale employed approximately 330 full-time staff, a reduction of 28% from the previous year, as part of a workforce optimization plan aimed at aligning resources with core business priorities.

Looking ahead, NuScale anticipates that its transition to a commercial entity will require additional funding to support ongoing operations and R&D efforts. The company has indicated that it may seek to raise capital through equity or debt financing, although it acknowledges the potential for dilution of existing shareholders. The management remains optimistic about the future, citing a strong pipeline of potential customers and the growing demand for carbon-free energy solutions as key drivers for its business strategy. However, the company also recognizes the inherent risks associated with regulatory approvals, market competition, and the need for effective execution of its commercialization plans.