NuScale Power Corp. is still losing money, but at a slightly lesser pace than last year, according to its latest filings with the U.S. Securities and Exchange Commission.
NuScale leaders’ discussed the latest financial figures with analysts at a Wednesday teleconference. NuScale went public on May 2.
For the quarter ending June 30, 2022, NuScale posted a net loss of $21.4 million with $2.7 million in revenue, compared to a loss of $24.7 million on $400,000 in revenue in the same quarter in 2021.
At this relatively early stage of its existence, the developer of advanced nuclear reactor technology makes money on consulting and loses money on research and development costs.
For the first six months of 2022, NuScale had a net loss of $44.8 million while posting $5.2 million in revenue. For the first six months of 2021. NuScale lost $47.3 million, while earning $1 million in revenue.
NuScale is developing a small modular reactor design and hopes to expand into manufacturing and selling the reactors. Small modular reactors are prefabricated facilities with parts manufactured in one location then transported to the reactor site for final assembly. A modular segment would consist of a mini-reactor of 77 megawatts. The design allows for extra modules to be added as needed.
In 2020, NuScale became the first and so far only small modular reactor developer to receive approval for its design by the Nuclear Regulatory Commission. The company still needs the NRC to amend its regulations to allow for construction of a small modular reactor.
NuScale has predicted it would need $200 million through 2024 to continue developing its small modular reactor. It currently has a war chest of $351 million according to figures released Wednesday. In April, NuScale acquired $341 million when Spring Valley Acquisition Corp., a publicly traded special purpose acquisition company based in the Cayman Islands, merged with NuScale. A special purpose acquisition company is a publicly-traded shell company.
Fluor continues to be a major stakeholder in NuScale, currently owning 57% of the small reactor developer, according to Fluor’s latest quarterly report.
“Looking ahead, we’re well on our way on meeting our financial projections over the next several years,” said NuScale CFO Chris Colbert on Wednesday.
NuScale is working with a major regional utility, Utah Associated Municipal Power Systems, to deploy the first NuScale power plant with one reactor module in 2029 at the Idaho National Laboratory. NuScale hopes to add another five modular reactors at INL in 2030. NuScale also hopes to deliver six small modular reactors to Romania’s S.N. Nuclearelectrica S.A by 2028.
