NuScale Power Announces Fourth Quarter and Full-Year 2024 Financial Results
NuScale Power Corporation, a pioneering provider of advanced small modular reactor (SMR) nuclear technology, has released its financial and operational results for the fourth quarter and full year ending December 31, 2024. As a company at the forefront of the small modular reactor industry, NuScale remains committed to revolutionizing clean energy production and commercializing its proprietary technology to meet the increasing demand for 24/7 emissions-free power.
A Year of Progress and Market Leadership
John Hopkins, President and Chief Executive Officer of NuScale Power, emphasized the company’s leading position in the industry. “As the first and only small modular reactor technology to receive both design approval and certification from the U.S. Nuclear Regulatory Commission (NRC), we have positioned ourselves as the first mover in commercial SMR development. With long-lead materials for 12 modules already in production, we are accelerating toward deployment.”
Hopkins highlighted the strong momentum in commercial discussions with key stakeholders, stating, “Together with our developer partner, ENTRA1 Energy, we are engaging in advanced negotiations with major technology companies, industrial corporations, utilities, and government entities at both the national and local levels. These discussions underscore the urgent need for reliable, clean, and scalable energy solutions. Whether for artificial intelligence-driven industries, data centers, or industrial applications, prospective customers recognize that clean baseload energy will be the most valuable resource in the coming years.”
Financial Performance Overview
NuScale’s financial results for the fourth quarter and full year 2024 illustrate the company’s progress toward commercialization while navigating the evolving energy market landscape.
Key Financial Highlights for Q4 and Full-Year 2024:
- Strong Cash Position: As of December 31, 2024, NuScale reported cash, cash equivalents, and short-term investments of $446.7 million, reflecting a significant increase from $161.7 million at the end of the third quarter of 2024. The company remains debt-free, reinforcing financial stability as it advances its business strategy.
- Warrant Exercise and Cash Proceeds: In December 2024, NuScale announced that approximately 97% of its outstanding warrants had been exercised, generating cash proceeds of $227.7 million. Of this amount, $205.3 million was received in the fourth quarter, further strengthening the company’s liquidity and capacity to support commercialization efforts.
- Revenue Growth: NuScale reported revenue of $34.2 million for the fourth quarter of 2024, a significant increase from $4.6 million in the same period of 2023. For the full year 2024, total revenue reached $37.0 million, compared to $22.8 million in 2023. This growth reflects increased activity in technology development, partnerships, and initial commercialization efforts.
- Net Loss Impacted by Warrant Fair Value Changes: The company reported a net loss of $180.3 million for the fourth quarter of 2024, compared to a net loss of $56.4 million in the same period of 2023. For the full year, the net loss was $348.4 million, up from $180.1 million in 2023. A significant portion of this loss was due to a non-cash expense of $170.0 million in Q4 2024 related to changes in the fair value of warrants, compared to non-cash income of $6.5 million in Q4 2023. Similarly, for the full year, NuScale incurred a non-cash expense of $223.0 million related to the change in the fair value of warrants, compared to non-cash income of $23.6 million in 2023.
- Reduced Operating Expenses: Operating expenses for the fourth quarter of 2024 were $43.0 million, down from $71.8 million in Q4 2023. This significant reduction of $28.8 million in quarterly operating expenses and a $108.6 million reduction year-over-year highlight NuScale’s transition from a research and development-focused organization to a commercially driven enterprise with streamlined operations.
- Improved Operating Loss: NuScale reported an operating loss of $11.9 million for the fourth quarter of 2024, a marked improvement from the operating loss of $71.1 million in Q4 2023. This improvement reflects increased operational efficiency and cost management as the company advances its commercialization strategy.
Advancing Commercialization and Market Strategy
NuScale’s strategic focus remains on commercializing its SMR technology and securing customer commitments to deploy its reactors. The company is actively engaged with prospective customers, including energy-intensive industries, utilities, and government agencies seeking carbon-free power solutions.
“Our technology is uniquely positioned to provide reliable, scalable, and emissions-free power,” said Hopkins. “Our ongoing discussions with AI-driven data centers, large-scale industrial manufacturers, and global energy companies reflect a strong and growing interest in advanced nuclear energy solutions. We believe that small modular reactors will play a crucial role in the clean energy transition.”
Key Developments in 2024:
- Long-Lead Materials Production: The initiation of long-lead materials production for 12 SMR modules marks a critical milestone in NuScale’s commercialization pathway. These components are essential for scaling up production and meeting anticipated customer demand.
- Global Engagements: NuScale continues to engage with international stakeholders, positioning its technology as a viable solution for global clean energy needs. Ongoing discussions with governments, utilities, and industrial partners signal strong interest in SMR deployment beyond the U.S.
- Regulatory and Policy Support: NuScale remains actively engaged with policymakers to advocate for the expansion of SMR deployment. The company supports policy initiatives that promote nuclear energy investment and facilitate regulatory approvals for SMR technology.
Outlook for 2025 and Beyond
Looking ahead, NuScale is focused on advancing its commercialization efforts, securing additional partnerships, and scaling up production capabilities. The company aims to capitalize on the growing demand for reliable, carbon-free energy and position itself as a leader in the next-generation nuclear industry.
Strategic Priorities for 2025:
- Expanding Customer Agreements: Strengthening partnerships with utilities, industrial manufacturers, and technology companies to advance SMR deployment.
- Scaling Production Capacity: Enhancing supply chain readiness and manufacturing processes to support full-scale commercial operations.
- Continued Financial Discipline: Maintaining a strong financial position while optimizing operational efficiencies to drive long-term growth.
- Innovation and Technological Advancements: Investing in R&D to further enhance the performance and scalability of NuScale’s SMR technology.
As the energy landscape continues to evolve, NuScale remains committed to delivering innovative nuclear solutions that meet the world’s growing energy needs. With a strong financial foundation, an expanding commercial pipeline, and a clear path to commercialization, the company is well-positioned to lead the future of small modular reactors.
