Nuscale Power Corporation ( (SMR) ) has released its Q3 earnings. Here is a breakdown of the information Nuscale Power Corporation presented to its investors.
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NuScale Power Corporation is a leading provider of advanced small modular reactor (SMR) nuclear technology, focusing on delivering safe, scalable, and reliable carbon-free energy solutions for various applications including electricity generation and data centers.
In the third quarter of 2024, NuScale Power Corporation announced its financial results, highlighting key strategic movements and financial metrics. The company continued its efforts in advancing its SMR technology, including a significant contract signing with Fluor for a study in Romania, and progress in supply chain partnerships for module production.
Financially, NuScale ended the quarter with $161.7 million in cash and no debt, marking an improvement from the previous quarter. However, the company reported a net loss of $45.5 million with a revenue of $0.5 million, compared to $7.0 million revenue and a $58.3 million net loss in the previous year. The decrease in operating expenses by $52.7 million reflects NuScale’s cost-reduction strategies.
Despite the financial loss, NuScale’s strategic partnerships and technological advancements position it well for future growth. The ongoing development of its SMR technology and increasing interest from tech companies highlight its potential in the growing demand for clean energy.
Looking forward, NuScale’s management remains optimistic about its strategic initiatives and operational efficiencies, which are expected to support the company’s long-term growth and contribution to the global energy transition.
