Summary by Moomoo AI
NuScale Power reported strong financial results for fiscal year 2024, with revenue increasing 62% to $37.0 million from $22.8 million in 2023. The company successfully executed its transition from R&D to commercialization, implementing cost optimization measures that reduced R&D expenses by 70% to $46.8 million. Operating loss improved to $138.7 million from $275.6 million in the prior year.The company strengthened its financial position through successful capital raising activities, including $204.6 million from ATM offerings and $205.4 million from warrant exercises. NuScale ended the year with $401.6 million in cash and cash equivalents. Strategic progress included advancing the RoPower project in Romania, with Phase 2 FEED work underway targeting plant deployment by 2030.Looking ahead, NuScale expects NRC approval of its 77 MWe Standard Design Application by mid-2025. The company implemented a strategic workforce reduction of 28% in January 2024 to align resources with commercialization priorities. Management remains focused on securing new customer orders while prudently managing expenses and cash reserves to support long-term operations.
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