PORTLAND, Ore.--(BUSINESS WIRE)--NuScale Power Corporation (“NuScale Power” or the “Company”) (NYSE: SMR), the industry-leading provider of proprietary advanced nuclear small modular reactor (“SMR”) technology, today provided a business update and reaffirmed its financial outlook.
“We are extremely proud of our recent public listing, which is built on decades of innovation, investment and the expertise of our talented team, many of whom have dedicated their careers to building and commercializing our groundbreaking technology. At NuScale Power, we’ve built a strong competitive position, won customer mandates and firmly established ourselves as a first mover in the large, global and largely untapped SMR market,” said John Hopkins, President and Chief Executive Officer of NuScale Power. “NuScale Power is well positioned and well capitalized to lead the broader energy industry into the future, one in which nuclear power is increasingly recognized as a critically important solution for cost-effective, 100% carbon-free baseload power.”
BUSINESS UPDATE HIGHLIGHTS:
- Grew customer pipeline to four active relationships around the world. These customers include NuScale Power’s anchor relationship with Utah Associated Municipal Power Systems (UAMPS) and newer agreements with Dairyland Power Cooperative in the U.S., S.N. Nuclearelectrica S.A. in Romania and KGHM in Poland.
- Made substantial progress with its anchor client UAMPS towards deployment in 2029. The Company recently completed its field investigation activities at the project site located within the Idaho National Laboratory near Idaho Falls, Idaho. In parallel, NuScale Power continued to develop a Combined License Application (COLA) and is currently analyzing data collected from the comprehensive site investigation and a two-year monitoring process, which will be presented in the COLA to address key safety and environmental considerations. The COLA will also provide additional project-specific facility design information, which will support the Nuclear Regulatory Commission’s (“NRC”) safety and environmental reviews, as well as public consultations.
- Formed new strategic partnerships. NuScale Power partnered with steel manufacturer Nucor in the U.S. and with the Japan Bank for International Cooperation ("JBIC") in Japan, as well as strengthened a partnership with Doosan Enerbility in Korea. All of these partnerships are emblematic of the growing importance of nuclear energy in these regions and around the world, and will play key roles in driving the commercialization of NuScale Power's SMR.
- Made significant progress on commercialization process including technology and production process development. The Company is ordering long lead-time equipment now, which it believes is a significant competitive advantage. NuScale Power is simultaneously working with its commercial and supply partners on various testing and validation campaigns, while priming the production process through initiatives such as FXM-19 forging trials with both domestic and international forging sources.
- Reached additional licensing milestones with the NRC in addition to its COLA associated with the UAMPS project. This includes the recent approval of the Building Design & Analysis Licensing Topical Report and the acceptance of three other topical reports for review, including the Rod Ejection Accident Methodology Licensing Topical Report Revision, the Framatome Fuel Applicability Topical report supplement and the Critical Heat Flux Topical report supplement.
FINANCIAL UPDATE:
- Total available capital remains strong at $383.7 million. This includes $42.7 million in cash or cash equivalents as of March 31, 2022 and $341 million from the assets in trust and upsized PIPE, net of transaction expenses, raised in connection with the recently closed combination with Spring Valley Acquisition Corp. ("Spring Valley").
- Revenue of $2.4 million and net loss of $(23.4) million for the three month period ended March 31, 2022, compared to revenue of $0.7 million and a net loss of $(22.7) million, respectively, for the same period in 2021.
- Research and development expenses of $24.4 million for the three month period ended March 31, 2022, compared to $18.8 million for the same period in 2021.
FINANCIAL OUTLOOK:
- NuScale Power reaffirms financial outlook including $16 million cash revenue for full year 2022 as first shared in its merger announcement with Spring Valley.
- Sufficient capital to support longer-term business development plans, thanks in part to a $54 million increase in PIPE proceeds from $181 million to $235 million. Actual merger proceeds of $341 million exceeded the $200 million cash need forecasted through 2024 in the projections shared in its merger announcement with Spring Valley
“We are pleased to be off to a great start as the first publicly traded SMR technology provider,” said Chris Colbert, Chief Financial Officer of NuScale Power. “In reaffirming our financial outlook, we believe the capital generated through our successful merger can be successfully deployed to support our near-term business development initiatives while driving our long-term growth plan. We remain uniquely positioned to capitalize on the growing and urgent demand for more clean energy around the world, and we look forward to demonstrating the value of our industry-leading technology and asset-light business model to a broader universe of investors, customers and others over time.”
CONFERENCE CALL:
NuScale Power will host a conference call at 11:00 Eastern Time on Friday, June 3rd, which will be webcast live and can be accessed by logging onto the Events section at ir.nuscalepower.com or registering at https://events.q4inc.com/attendee/580415941. The call will also be accessible by telephone at 888-660-6537 (U.S./Canada). The conference ID is 1436219.
A replay of the webcast will be available for 30 days. A replay of the call will be available by telephone for one week.
About NuScale Power Corporation
NuScale Power Corporation (NYSE: SMR) is poised to meet the diverse energy needs of customers across the world. It has developed small modular reactor (SMR) nuclear technology to supply energy for electrical generation, district heating, desalination, commercial-scale hydrogen production and other process heat applications. The groundbreaking NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 megawatts of electricity (MWe) and can be scaled to meet customer needs. NuScale’s 12-module VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) power plants, as well as other configurations based on customer needs.
Founded in 2007, NuScale is headquartered in Portland, Ore., and has offices in Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.; and London, UK. To learn more, visit NuScale Power's website or follow us on Twitter, Facebook, LinkedIn and Instagram.
Forward-Looking Statements: This release contains forward-looking statements, including financial guidance and other statements regarding future performance, developments or events. The words "will," "believes," "expects," “anticipates,” "plans" or other similar expressions may identify forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from anticipated results or events. The Company describes risks and uncertainties in filings it makes with the Securities and Exchange Commission, including the discussion under the heading “Risk Factors” in the Form S-1 filed on May 13, 2022, which you are encouraged to read. These include risks related to the Company’s corporate structure; its ability to compete with existing SMR producers in China and Russia; that it may be required to reimburse UAMPS, its first customer, for development costs if the Company fails to meet specified performance measures; delays in the development and manufacture of NPMs and related technology, the failure of any commercial or demonstration missions, or the failure to timely deliver NPMs to customers; commercialization and acceptance of the Company’s SMR, and its ability to capitalize on strategic relationships and pipeline opportunities to generate sales; developments in the energy industry, including increased efficiencies in non-nuclear sources of power generation; maintaining competitive advantages; manufacturing and construction delays, and supply chain issues; the Company’s ability to protect its intellectual property; government regulation and regulatory approvals, including site-specific approvals that customers must obtain; liabilities associated with providing nuclear services; and public perception and political risks regarding nuclear power. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.
Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form S-1 filed on March 13, 2022. Such filings are available either publicly or upon request from NuScale's Investor Relations Department: ir@nuscalepower.com. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.
NuScale Power Corporation Summary of Financials
Summary of Income Statement Data |
|
Three Months Ended
|
||||||
(in thousands) |
|
2022 |
|
2021 |
||||
Revenue |
|
$ |
2,445 |
|
|
$ |
664 |
|
Net loss |
|
|
(23,373 |
) |
|
|
(22,666 |
) |
Summary of Balance Sheet Data |
|
March 31, 2022 |
|
December 31, 2021 |
||
(in thousands) |
|
|
|
|
||
Total assets |
|
$ |
91,072 |
|
$ |
121,197 |
Total liabilities |
|
|
45,149 |
|
|
52,799 |
Total mezzanine and members' equity |
|
|
45,923 |
|
|
68,398 |
Summary of Statement of Cash Flows |
|
Three Months Ended
|
||||||
(in thousands) |
|
2022 |
|
2021 |
||||
Operating Cash Flows |
|
$ |
(33,151 |
) |
|
$ |
(29,787 |
) |
Investing Cash Flows |
|
|
(1,187 |
) |
|
|
(111 |
) |
Financing Cash Flows |
|
|
(73 |
) |
|
|
63,211 |
|
