The following is a summary of the NuScale Power Corporation (SMR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• NuScale reported Q1 2024 revenue of $1.4 million and a net loss of $48.1 million.

• They improved cash position to $137.1 million, with $5.1 million of it as restricted, and no recorded debt.

• The company generated annualized savings of around $50m to $60m due to strategic initiatives for commercial transition.

• A cash use of $33 million was reported for the quarter, however, an anticipated decrease in cash burn rate to below $10 million on an ongoing basis was noted due to cost-saving measures.

Business Progress:

• Progress has been made in converting brine into an effective hydrogen carrier using clean energy from a NuScale plant.

• NuScale is in advanced discussions with AI and data center companies and expects large orders before the end of the decade.

• The company secured design approval from NRC for the 77 MW up rate design, in line with customer demand.

• Partnership with Inter One Energy is expected to create synergy between power plant development and ownership.

• Preparations are ongoing to accept customer-backed orders, including fabrication of prototype NuScale plant components.

• An E2 Center will be implemented in Ghana to manage NuScale power plants.

• NuScale is engaging in discussions with prospective industrial customers for clean energy solutions.

• Despite delays, NuScale maintains a positive business outlook and expects business progress in 2024 through its strategic partnership and business development pipeline.

More details: NuScale Power IR

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