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NuScale Power Corporation (SMR+16.23%) Class A has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $475,000 from $6,950,000 in the same quarter the previous year, attributed to the loss of the contract with CFPP LLC.
Cost of sales for the quarter was $295,000, compared to $5,940,000 in the same quarter of the previous year.
Research and development expenses decreased to $12,160,000 from $63,725,000, reflecting lower compensation costs and professional fees.
General and administrative expenses increased to $17,021,000 from $16,402,000, primarily due to higher strategic marketing expenses.
Net loss for the quarter was $45,554,000, compared to $58,328,000 in the previous year.
Cash used in operating activities was $82,249,000, while cash provided by investing and financing activities was $44,805,000 and $118,417,000, respectively.
NuScale had cash and cash equivalents of $111,628,000 as of September 30, 2024. The company believes it has sufficient funds to cover required R&D activities and operating cash needs for the next twelve months.
The filing also details various financial agreements, including a revenue-generating agreement with Fluor (FLR+5.31%) for engineering and design services.
NuScale does not anticipate cash dividend payments to common stockholders in the near future.
The company is involved in ongoing legal proceedings, including shareholder class action lawsuits and an SEC inquiry related to whistleblower provisions.
NuScale continues to focus on transitioning from an R&D-based company to a commercial company, with an emphasis on cost optimization and securing additional customer commitments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NuScale Power Corporation Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.