10-Q Filing

NUSCALE POWER CORP CIK: 1822966 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001822966-23-000092`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	smr-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 38 Cash Flow Statement 58 Stockholders Equity 27

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$218.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$217.69M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	-	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$50.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$7.30M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.53M	USD	Point-in-time
Accounts and other receivables	`AccountsReceivableNetCurrent`	$11.20M	USD	Point-in-time
Accounts and other receivables	`AccountsReceivableNetCurrent`	$20.99M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$246.46M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$284.42M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.51M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.77M	USD	Point-in-time
In-process research and development	`InProcessResearchAndDevelopment`	$16.90M	USD	Point-in-time
In-process research and development	`InProcessResearchAndDevelopment`	$16.90M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.01M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.06M	USD	Point-in-time
Goodwill	`Goodwill`	$8.26M	USD	Point-in-time
Goodwill	`Goodwill`	$8.26M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$26.53M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$34.18M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.70M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.05M	USD	Point-in-time
Long-term contract work in process	`InventoryWorkInProcessNoncurrent`	$16.02M	USD	Point-in-time
Long-term contract work in process	`InventoryWorkInProcessNoncurrent`	-	USD	Point-in-time
Total assets	`Assets`	$348.63M	USD	Point-in-time
Total assets	`Assets`	$332.39M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$43.74M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$27.95M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$6.44M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$9.04M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$1.57M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$1.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$38.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$51.69M	USD	Point-in-time
Warrant liabilities	`WarrantsAndRightsOutstanding`	$29.35M	USD	Point-in-time
Warrant liabilities	`WarrantsAndRightsOutstanding`	$30.46M	USD	Point-in-time
Noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$2.43M	USD	Point-in-time
Noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$2.79M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$1.08M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$856.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$85.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.55M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$302.49M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$296.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-193.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-182.09M	USD	Point-in-time
Total Stockholders Equity Excluding Noncontrolling Interests	`StockholdersEquity`	$114.68M	USD	Point-in-time
Total Stockholders Equity Excluding Noncontrolling Interests	`StockholdersEquity`	$109.46M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$162.41M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$137.28M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$277.09M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$246.73M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$332.39M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$348.63M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.50M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.44M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$3.42M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.21M	USD	1 Quarter
Gross margin	`GrossProfit`	$1.24M	USD	1 Quarter
Gross margin	`GrossProfit`	$2.09M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$25.71M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$24.38M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.52M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$14.70M	USD	1 Quarter
Other expenses	`OtherExpenses`	$17.15M	USD	1 Quarter
Other expenses	`OtherExpenses`	$10.19M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-43.85M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-55.47M	USD	1 Quarter
Sponsored cost share	`DepartmentOfEnergyCostShare`	$20.58M	USD	1 Quarter
Sponsored cost share	`DepartmentOfEnergyCostShare`	$17.87M	USD	1 Quarter
Decrease (increase) in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$1.11M	USD	1 Quarter
Decrease (increase) in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Interest income (expense)	`InterestIncomeAndOtherCostShareInterestExpense`	$3.10M	USD	1 Quarter
Interest income (expense)	`InterestIncomeAndOtherCostShareInterestExpense`	$-102.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-35.61M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-23.37M	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`ProfitLoss`	$-23.37M	USD	1 Quarter
Net loss	`ProfitLoss`	$-35.61M	USD	1 Quarter
Net loss attributable to legacy NuScale LLC holders prior to Transaction	`NetIncomeLossAttributableToLegacyShareholdersPriorToReverseRecapitalization`	$-23.37M	USD	1 Quarter
Net loss attributable to legacy NuScale LLC holders prior to Transaction	`NetIncomeLossAttributableToLegacyShareholdersPriorToReverseRecapitalization`	-	USD	1 Quarter
Net loss attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-24.65M	USD	1 Quarter
Net Loss Attributable to Class A Common Stockholders	`NetIncomeLoss`	$-10.96M	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$-0.16	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$-0.16	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	0.00	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	69.68M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	0.00	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	69.68M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-23.37M	USD	1 Quarter
Net loss	`ProfitLoss`	$-35.61M	USD	1 Quarter
Depreciation	`Depreciation`	$615.00K	USD	1 Quarter
Depreciation	`Depreciation`	$577.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$44.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$44.00K	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$3.64M	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$1.02M	USD	1 Quarter
Change in the fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$1.11M	USD	1 Quarter
Change in the fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Net noncash change in right of use assets and lease liabilities	`NetNoncashChangeInRightOfUseAssetsAndLeaseLiabilities`	$-345.00K	USD	1 Quarter
Net noncash change in right of use assets and lease liabilities	`NetNoncashChangeInRightOfUseAssetsAndLeaseLiabilities`	$406.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.37M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$99.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.79M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.72M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-646.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-170.00K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-452.00K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-150.00K	USD	1 Quarter
Deferred DOE cost share	`IncreaseDecreaseInDepartmentOfEnergyCostShare`	-	USD	1 Quarter
Deferred DOE cost share	`IncreaseDecreaseInDepartmentOfEnergyCostShare`	$-105.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-773.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$222.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-5.76M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-2.60M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-43.14M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-33.15M	USD	1 Quarter
Sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	-	USD	1 Quarter
Sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$50.00M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.19M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$351.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.19M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$49.65M	USD	1 Quarter
Proceeds from exercise of common unit options	`ProceedsFromStockOptionsExercised`	$470.00K	USD	1 Quarter
Proceeds from exercise of common unit options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Repurchase of common units	`PaymentsForRepurchaseOfCommonStock`	$563.00K	USD	1 Quarter
Repurchase of common units	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Issuance of treasury units	`ProceedsFromSaleOfTreasuryStock`	$20.00K	USD	1 Quarter
Issuance of treasury units	`ProceedsFromSaleOfTreasuryStock`	-	USD	1 Quarter
Proceeds from exercise of warrants and common share options	`ProceedsFromExerciseOfWarrantsAndCommonShareOptions`	-	USD	1 Quarter
Proceeds from exercise of warrants and common share options	`ProceedsFromExerciseOfWarrantsAndCommonShareOptions`	$1.62M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-73.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.62M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.13M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-34.41M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$244.22M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$42.68M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$77.09M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$252.35M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$244.22M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$42.68M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$77.09M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$252.35M	USD	Point-in-time
Conversion of equity options to liability award	`ConversionOfEquityOptionsToLiabilityAward`	-	USD	1 Quarter
Conversion of equity options to liability award	`ConversionOfEquityOptionsToLiabilityAward`	$1.54M	USD	1 Quarter
Long-term contract work in process in accounts payable	`NoncashOrPartNoncashLongTermWorkInProcessInAccountsPayable`	$16.02M	USD	1 Quarter
Long-term contract work in process in accounts payable	`NoncashOrPartNoncashLongTermWorkInProcessInAccountsPayable`	-	USD	1 Quarter

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (shares)	`TemporaryEquitySharesOutstanding`	6.00M	shares	Point-in-time
Beginning balance (shares)	`TemporaryEquitySharesOutstanding`	6.00M	shares	Point-in-time
Beginning balance	`TemporaryEquityCarryingAmountAttributableToParent`	$2.14M	USD	Point-in-time
Beginning balance	`TemporaryEquityCarryingAmountAttributableToParent`	$2.14M	USD	Point-in-time
Ending balance (shares)	`TemporaryEquitySharesOutstanding`	6.00M	shares	Point-in-time
Ending balance (shares)	`TemporaryEquitySharesOutstanding`	6.00M	shares	Point-in-time
Ending balance	`TemporaryEquityCarryingAmountAttributableToParent`	$2.14M	USD	Point-in-time
Ending balance	`TemporaryEquityCarryingAmountAttributableToParent`	$2.14M	USD	Point-in-time
Beginning balance	`MembersEquity`	$66.26M	USD	Point-in-time
Beginning balance	`MembersEquity`	$43.78M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$277.09M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$246.73M	USD	Point-in-time
Equity-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.02M	USD	1 Quarter
Equity-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.64M	USD	1 Quarter
Exercise of common share options and warrants and vested RSUs	`StockIssuedDuringPeriodValueExerciseOfCommonShareOptionsAndWarrants`	$1.62M	USD	1 Quarter
Exercise of common unit options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	693,734.00	shares	1 Quarter
Exercise of common unit options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$470.00K	USD	1 Quarter
Conversion of equity award to liability award	`StockIssuedDuringPeriodValueSaleOfUnits`	$-50.00K	USD	1 Quarter
Repurchase of common units	`StockRepurchasedDuringPeriodValue`	$563.00K	USD	1 Quarter
Issuance of treasury units/stock	`StockIssuedDuringPeriodValueTreasuryStockReissued`	$20.00K	USD	1 Quarter
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	`RebalancingOfOwnershipPercentageForConversionOfCombinedInterestIntoClassAShares`	-	USD	1 Quarter
Net loss	`ProfitLoss`	$-23.37M	USD	1 Quarter
Net loss	`ProfitLoss`	$-35.61M	USD	1 Quarter
Ending balance	`MembersEquity`	$66.26M	USD	Point-in-time
Ending balance	`MembersEquity`	$43.78M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$277.09M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$246.73M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.