NuScale(US:SMR)2025-11-06 22:23Revenue and Income - Revenue for the three months ended September 30, 2025, increased by $7.8 million to $8.2 million compared to $0.5 million in the same period of 2024, primarily due to engineering services for RoPower's power plant deployment in Romania [144]. - Revenue for the nine months ended September 30, 2025, increased by $26.9 million to $29.7 million compared to $2.8 million in the same period of 2024, attributed to engineering and licensing fees [150]. - Investment income increased by $3.8 million to $5.8 million for the three months ended September 30, 2025, due to a stronger cash position and higher investments [149]. - Investment income for the nine months ended September 30, 2025, increased by $11.1 million to $16.4 million compared to $5.3 million in the same period of 2024 [157]. Expenses - Cost of sales for the three months ended September 30, 2025, increased by $5.2 million to $5.5 million compared to $0.3 million in the same period of 2024, driven by engineering services related to the same project [144]. - General and administrative expenses surged by $502.2 million to $519.2 million for the three months ended September 30, 2025, mainly due to the recognition of a $495.0 million milestone contribution [146]. - General and administrative expenses rose by $511.8 million to $565.0 million for the nine months ended September 30, 2025, primarily due to the milestone contribution and increased business development costs [152]. - Research and development expenses decreased by $1.1 million to $11.1 million for the three months ended September 30, 2025, as personnel transitioned to commercial projects [145]. Net Loss and Cash Flow - Net loss for the three months ended September 30, 2025, was $532.6 million, compared to a net loss of $45.6 million in the same period of 2024 [143]. - The company has incurred significant operating losses with an accumulated deficit of $682.0 million and negative operating cash flows [159]. - For the nine months ended September 30, 2025, net cash used in operating activities was $(255,906) thousand, compared to $(82,249) thousand in 2024 [161]. Cash and Investments - As of September 30, 2025, the company had cash and cash equivalents of $407.6 million and short-term investments of $284.2 million, with no debt [159]. - The company executed a strategy to diversify its investment portfolio, resulting in net cash used in investing activities of $(306,332) thousand for the nine months ended September 30, 2025 [163]. - Net cash provided by financing activities was $568,267 thousand for the nine months ended September 30, 2025, compared to $118,417 thousand in 2024 [161]. Commitments and Obligations - The company has commitments totaling $551,867 thousand, with significant payments due in 2025 and 2026 [172]. - A liability of $346.5 million was recognized due to the achievement of criteria for triggering payment under the PMA, related to 72 NPMs [170]. - The company entered into sales and marketing agreements in January 2025, increasing its commitment by an additional $34.8 million [168]. - The company has a potential obligation of up to $7.1 million to the USTDA based on revenue earned under technical assistance grant programs [172]. Future Outlook - The company believes it has sufficient cash and access to capital markets to meet its cash requirements for the next 12 months and beyond [160].