NuScale Power Corporation has recently released its 10-K report, providing a detailed look at the company's financial performance and strategic direction. The company, founded in 2007 and headquartered in Portland, Oregon, specializes in the development and sale of modular light water reactor nuclear power plants for various energy applications, including electrical generation, district heating, desalination, and hydrogen production. NuScale's flagship product, the NuScale Power Module (NPM), is a scalable water reactor capable of generating 77 megawatts of electricity. The company also offers VOYGR power plant designs for different facility sizes housing one to twelve NPMs.
In the 10-K report, NuScale discusses its mission to provide scalable advanced nuclear technology to produce electricity, heat, and clean water, aiming to improve the quality of life globally. The company emphasizes its focus on creating an energy source that is smarter, cleaner, safer, and cost-competitive. NuScale has made significant progress towards commercializing the first small modular reactor (SMR) in the United States, including receiving the Final Safety Evaluation Report from the U.S. Nuclear Regulatory Commission (NRC) and the Standard Design Approval for its NPM and scalable plant design.
The report also highlights NuScale's key factors affecting its prospects and future results, including its commercial launch operations and regulatory approvals. The company has signed contracts for Front-End Engineering and Design (FEED) work with potential customers and submitted a Standard Design Approval (SDA) Application to the NRC for a 6-unit 77 MWe NPM design. NuScale is also focused on obtaining country-level and site approvals to facilitate the broader adoption of its products and services.
In terms of financial performance, NuScale reported a gross margin of $3.8 million in 2023, with revenue increasing to $22.8 million, primarily driven by activities supporting engineering, procurement, and construction development agreements. However, the company also reported a loss from operations of $275.6 million in 2023, attributed to significant research and development expenses of $156.1 million and general and administrative expenses of $65.4 million.
NuScale's liquidity and capital resources were bolstered by entering into a Sales Agreement with sales agents, through which the company issued and sold 1,737,378 shares of Class A common stock, generating gross and net proceeds of $10.4 million and $9.8 million, respectively. Additionally, the company has an Aggregate Trading Market (ATM) program in place, allowing it to offer and sell shares of its Class A common stock with an aggregate sales price of up to $150.0 million from time to time through the sales agents.
Check out the company's full 10-K submission here.
