Nuscale Power Corp

NYSE:SMRUnited States

04:41 PM EST, 11/07/2024 (MT Newswires) -- ...

Long-lead material liability 33,064 32,323 Customer deposit 20,000 -- Other accrued liabilities 1,848 1,664 --------------- -------------- Total current liabilities 80,558 87,458 Warrant liabilities 58,681 5,722 Noncurrent accounts payable and accrued expenses 23,604 -- Other noncurrent liabilities 238 1,442 Deferred revenue 78 898 --------------- -------------- Total Liabilities 163,159 95,520 --------------- -------------- Stockholders' Equity Class A common stock, par value $0.0001 per share, 332,000,000 shares authorized, 97,893,884 and 76,895,166 shares outstanding as of September 30, 2024 and December 31, 2023, respectively 10 8 Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 154,266,400 and 154,477,032 shares outstanding as of September 30, 2024 and December 31, 2023, respectively 15 15 Additional paid-in capital 462,146 333,888 Accumulated deficit (302,102) (240,454) --------------- -------------- Total Stockholders' Equity Excluding Noncontrolling Interests 160,069 93,457 Noncontrolling interests (69,944) 35,881 --------------- -------------- Total Stockholders' Equity 90,125 129,338 --------------- -------------- Total Liabilities and Stockholders' Equity $ 253,284 $ 224,858 =============== ============== UNAUDITED NuScale Power Corporation Condensed Consolidated Statements of Operations (in thousands, except share and per share Three Months Ended Nine Months Ended September amounts) September 30, 30, ----------------- -------------------------- ---------------------------- 2024 2023 2024 2023 ---------- ---------- ---------- ---------- Revenue $ 475 $ 6,950 $ 2,821 $ 18,250 Cost of sales (295) (5,940) (1,880) (15,121) ---------- ---------- ---------- ---------- Gross Margin 180 1,010 941 3,129 Research and development expenses 12,160 63,725 37,447 118,227 General and administrative expenses 17,021 16,402 53,207 47,420 Other expenses 12,018 13,799 37,157 41,991 ---------- ---------- ---------- ---------- Loss From Operations (41,019) (92,916) (126,870) (204,509) Sponsored cost share 660 20,774 6,504 54,984 Change in fair value of warrant liabilities (7,191) 11,076 (52,969) 17,167 Interest income 2,008 2,738 5,275 8,686 ---------- ---------- ---------- ---------- Loss Before Income Taxes (45,542) (58,328) (168,060) (123,672) Foreign income taxes 12 -- 12 -- ---------- ---------- ---------- ---------- Net Loss (45,554) (58,328) (168,072) (123,672) Net loss attributable to noncontrolling interests (28,095) (39,206) (106,424) (84,065) ---------- ---------- ---------- ---------- Net Loss Attributable to Class A Common Stockholders $ (17,459) $ (19,122) $ (61,648) $ (39,607) ========== ========== ========== ========== Loss per Share of Class A Common Stock: Basic and Diluted $ (0.18) $ (0.26) $ (0.70) $ (0.55) Weighted-Average Shares of Class A Common Stock Outstanding: Basic and Diluted 95,197,500 74,836,884 88,137,939 72,235,763 UNAUDITED NuScale Power Corporation Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, (in thousands) 2024 2023 ------------------------------ ------------- ------------ OPERATING CASH FLOW Net Loss $ (168,072) $ (123,672) Adjustments to reconcile net loss to operating cash flow: Depreciation 1,286 1,813 Amortization of intangibles 133 133 Equity-based compensation expense 10,442 12,099 Provision for credit losses 57 -- Impairment of intangible asset 71 -- Gain on insurance proceeds received for damage to property, plant and equipment (122) -- Change in fair value of warrant liabilities 52,969 (17,167) Net noncash change in right of use assets and lease liabilities (274) (230) Changes in assets and liabilities: Prepaid expenses and other assets 8,474 (18,377) Accounts and other receivables 2,157 (8,991) Long-term contract work in process (5,248) (30,765) Long-lead material liability 741 34,500 Accounts payable and accrued expenses (2,044) 8,830 Nonrefundable customer deposit 20,000 -- Lease liability (1,202) (1,290) Deferred revenue (820) 32,525 Accrued compensation (797) 550 ------------- ------------ Net Cash Used in Operating Activities (82,249) (110,042) ------------- ------------ INVESTING CASH FLOW Sale of short-term investments -- 50,000 Purchase of short-term investments (45,000) -- Insurance proceeds received for damage to property, plant and equipment 195 -- Purchases of property, plant and equipment -- (1,674) ------------- ------------ Net Cash (Used) Provided by Investing Activities (44,805) 48,326 ------------- ------------ FINANCING CASH FLOW Proceeds from the issuance of common stock, net of issuance fees 103,842 7,867 Proceeds from exercise of warrants and common share options 14,575 6,266 ------------- ------------ Net Cash Provided by Financing Activities 118,417 14,133 ------------- ------------ Net Change in Cash, Cash Equivalents and Restricted Cash (8,637) (47,583) Cash, cash equivalents and restricted cash: Beginning of period 125,365 244,217 ------------- ------------ End of period $ 116,728 $ 196,634 Supplemental disclosures of cash flow information: Foreign income taxes paid $ 3,212 $ --