NuScale Power Corporation reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in revenue, generating $475,000 for the three months ended September 30, 2024, compared to $6.95 million in the same period of 2023. For the nine months ended September 30, 2024, revenue totaled $2.82 million, down from $18.25 million in the prior year. This decline is attributed to reduced engineering and design services revenue, particularly from Fluor, which accounted for only 10% of total revenue in Q3 2024, a sharp decrease from 76% in Q3 2023.

Despite the revenue drop, NuScale reported a reduced loss from operations of $(41.02 million) for the three months ended September 30, 2024, compared to $(92.92 million) in the same quarter of 2023. The nine-month loss from operations also improved to $(126.87 million) from $(204.51 million) year-over-year. The net loss for the third quarter of 2024 was $(45.55 million), down from $(58.33 million) in Q3 2023, while the nine-month net loss increased to $(168.07 million) from $(123.67 million) in the previous year.

The company’s total assets rose to $253.28 million as of September 30, 2024, up from $224.86 million at the end of 2023. Current assets also increased to $180.55 million, while total current liabilities decreased to $80.56 million. However, warrant liabilities surged to $58.68 million from $5.72 million, reflecting changes in the fair value of warrants.

NuScale's strategic decisions included a workforce reduction of 154 employees (28%) announced on January 5, 2024, resulting in a one-time charge of $3.24 million. The company also entered into a fixed-price contract with variable consideration during Q3 2024, with revenue recognition deferred until performance obligations are met.

Cash and cash equivalents stood at $111.63 million as of September 30, 2024, with no debt reported. The company generated net cash from financing activities of $118.42 million during the nine months ended September 30, 2024, compared to $14.13 million in the same period of 2023. Management expressed confidence that available funds would cover R&D and operational needs for the next twelve months.

NuScale is currently involved in ongoing legal proceedings, including multiple shareholder class action lawsuits alleging false and misleading statements regarding the company's operations. The company maintains that it does not expect a material loss from these lawsuits.