NuScale Power Reports Q1 Results: Details

NuScale Power Corp. (NYSE:SMR) released its first-quarter results after Monday's closing bell. Here's a look at the key figures from the quarter. 

The Details: NuScale Power reported quarterly revenue of $13.4 million, which beat the analyst consensus estimate of $4.26 million. The company said revenues were driven by its FEED Phase 2 project and its Technology License Agreement for the RoPower Doicești power plant.

NuScale ended the first quarter with cash, cash equivalents and short-term investments of $521.4 million.

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Quarterly operating expenses decreased by $2.3 million to $42.3 million, compared to $44.6 million in the prior year’s quarter. The decrease was primarily driven by lower research and development expenses, partially offset by higher general and administrative expenses as NuScale continued to transition from research and development to commercialization.

“In the first quarter, NuScale continued to take proactive steps to build on our leadership as the first and only SMR provider to receive NRC design approval,” said John Hopkins, CEO of NuScale Power.

“With 12 modules already in the manufacturing process, we further readied our supply chain to ensure we stay on course to achieve our 2030 delivery target. Alongside our exclusive commercialization partner ENTRA1 Energy, we are in advanced dialogue with several prospective customers across governments and industries, including data centers, utilities, coal plant operators transitioning to nuclear, and petrochemical and energy companies,” Hopkins added.

SMR Price Action: According to data from Benzinga Pro, NuScale Power stock was up 1.95% at $17.79 after-hours Monday.  

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