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NuScale(SMR) - 2023 Q3 - Quarterly Report
SMRNuScale(SMR)2023-11-08 16:00
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Revenue Performance - Revenue for the three months ended September 30, 2023, was 6.95million,a1196.95 million, a 119% increase from 3.17 million in the same period of 2022[118]. Expenses - Research and development expenses for the three months ended September 30, 2023, were 63.73million,upfrom63.73 million, up from 35.30 million in 2022, reflecting a 34.5millionchargeforreimbursablenetdevelopmentcosts[118][120].−Generalandadministrativeexpensesremainedstableatapproximately34.5 million charge for reimbursable net development costs[118][120]. - General and administrative expenses remained stable at approximately 16.40 million for the three months ended September 30, 2023, with a 3.7millionincreaserelatedtosalesandmarketingagreements[118][121].−Thecompanyanticipatesadditionalexpensesbetween3.7 million increase related to sales and marketing agreements[118][121]. - The company anticipates additional expenses between 11.0 million and 16.0millionrelatedtoasettlementagreementwithCFPPLLC[136].OperatingLosses−ThelossfromoperationsforthethreemonthsendedSeptember30,2023,was16.0 million related to a settlement agreement with CFPP LLC[136]. Operating Losses - The loss from operations for the three months ended September 30, 2023, was 92.92 million, compared to a loss of 66.10millioninthesameperiodof2022[118].−Thecompanyexpectsoperatinglossesandnegativecashflowstocontinueasitdevelopstechnologyandmarketrelationshipsforcommercialization[134][138].CashandCashEquivalents−AsofSeptember30,2023,thecompanyhad66.10 million in the same period of 2022[118]. - The company expects operating losses and negative cash flows to continue as it develops technology and market relationships for commercialization[134][138]. Cash and Cash Equivalents - As of September 30, 2023, the company had 117.5 million in cash and cash equivalents, down from 217.7millionasofDecember31,2022[134].−NetcashusedinoperatingactivitiesfortheninemonthsendedSeptember30,2023,was217.7 million as of December 31, 2022[134]. - Net cash used in operating activities for the nine months ended September 30, 2023, was 110.04 million, compared to 104.73millionin2022[139].−TheCompanyhas104.73 million in 2022[139]. - The Company has 79.2 million identified as restricted cash, acting as collateral for 77.6millioninlettersofcreditoutstandingasofSeptember30,2023[144].LettersofCredit−Thelettersofcreditarebasedonforecastedspendingfornetdevelopmentcostsandlong−leadmaterialsthroughtheendofthefollowingquarter[144].FinancialPosition−Thecompanyhasanaccumulateddeficitof77.6 million in letters of credit outstanding as of September 30, 2023[144]. Letters of Credit - The letters of credit are based on forecasted spending for net development costs and long-lead materials through the end of the following quarter[144]. Financial Position - The company has an accumulated deficit of 221.7 million as of September 30, 2023, indicating significant ongoing financial challenges[134]. Accounting and Market Risk - Management believes there is no new accounting guidance that would materially impact the Company's current financial statements[146]. - There have been no material changes in the Company's market risk disclosures compared to the 2022 Annual Report[147].