Summary by Futu AI
NuScale Power Corporation reported a net loss of $74.4 million for Q2 2024, compared to a $29.7 million loss in Q2 2023. Revenue declined to $1.0 million from $5.8 million, primarily due to the termination of the CFPP LLC contract. The company ended the quarter with $130.9 million in cash and cash equivalents.The company is executing a strategic transition from R&D to commercialization, implementing cost reduction initiatives including a 28% workforce reduction in January 2024. Research and development expenses decreased to $12.1 million from $26.9 million year-over-year, while sponsored cost share declined to $2.4 million from $16.3 million due to reduced DOE funding.During Q2, NuScale raised $31.8 million through its ATM program and subsequently signed a new contract with RoPower for a project in Romania. Management believes current funding is sufficient for the next 12 months based on implemented cost cuts, ATM proceeds, and new customer contracts. The company continues to advance its SMR technology with NRC design approval expected by July 2025.
