Summary by Moomoo AI
NuScale Power Corporation reported Q3 2024 revenue of $0.5 million, down from $7.0 million in Q3 2023, with a net loss of $45.6 million compared to $58.3 million loss year-over-year. The decline was primarily attributed to the termination of the CFPP LLC contract. The company ended the quarter with $111.6 million in cash and $45.0 million in short-term investments.Research and development expenses decreased significantly to $12.2 million from $63.7 million, reflecting lower compensation costs and professional fees as the company transitions from R&D to commercialization. General and administrative expenses increased to $17.0 million from $16.4 million due to higher strategic marketing expenses. The company implemented a 28% workforce reduction in January 2024, affecting 154 employees.The company raised $31.2 million in net proceeds through its ATM Program during Q3 and secured a new revenue-generating agreement with RoPower Nuclear S.A. Management believes current funds are sufficient for operating needs over the next twelve months, supported by cost optimization initiatives and new customer contracts. The NRC's review of NuScale's Standard Design Approval Application is expected to complete by July 31, 2025.
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