NuScale Power Corporation has recently released its 10-Q report, providing a comprehensive overview of the company's financial condition and results of operations. NuScale Power Corporation engages in the development and sale of modular light water reactor nuclear power plants to supply energy for electrical generation, district heating, desalination, hydrogen production, and other process heat applications. It offers the NuScale Power Module (NPM), a water reactor that can generate 77 megawatts of electricity (MWe); and VOYGR power plant designs for three facility sizes that are capable of housing from one to four and six or twelve NPMs. The company was founded in 2007 and is headquartered in Portland, Oregon. NuScale Power Corporation operates as a subsidiary of Fluor Enterprises, Inc.
In the 10-Q report, NuScale Power Corporation's financial condition and results of operations are discussed. The company reported revenue of $475 thousand for the three months ended September 30, 2024, compared to $6.95 million for the same period in 2023. The cost of sales for the same period was $295 thousand, down from $5.94 million in 2023. The company reported a gross margin of $180 thousand for the three months ended September 30, 2024, compared to $1.01 million for the same period in 2023. NuScale Power Corporation's loss from operations was $41.02 million for the three months ended September 30, 2024, compared to $92.92 million for the same period in 2023. The company's net loss was $45.55 million for the three months ended September 30, 2024, compared to $58.33 million for the same period in 2023.
During the nine months ended September 30, 2024, NuScale Power Corporation generated revenue of $2.82 million, down from $18.25 million for the same period in 2023. The cost of sales for the same period was $1.88 million, down from $15.12 million in 2023. The company reported a gross margin of $941 thousand for the nine months ended September 30, 2024, compared to $3.13 million for the same period in 2023. NuScale Power Corporation's loss from operations was $126.87 million for the nine months ended September 30, 2024, compared to $204.51 million for the same period in 2023. The company's net loss was $168.07 million for the nine months ended September 30, 2024, compared to $123.67 million for the same period in 2023.
NuScale Power Corporation's liquidity and capital resources were also discussed in the 10-Q report. As of September 30, 2024, the company had cash and cash equivalents of $111.6 million, short-term investments of $45.0 million, and restricted cash of $5.1 million with no debt. The company's net cash used in operating activities was $82.25 million for the nine months ended September 30, 2024, compared to $110.04 million for the same period in 2023. Net cash provided by financing activities was $118.42 million for the nine months ended September 30, 2024, compared to $14.13 million for the same period in 2023. NuScale Power Corporation believes it has sufficient funds available to cover required R&D activities and operating cash needs for the next twelve months, and management plans to prudently manage its expenses and cash reserves into the future, recognizing the need to secure additional customer commitments to support long-term operations. Following these announcements, the company's shares moved 13.0%, and are now trading at a price of $24.49. For the full picture, make sure to review NuScale Power's 10-Q report.
