On Monday, NuScale Power Corp SMR disclosed workforce reduction to save costs.
The company announced a workforce reduction of 154 full-time employees, representing around 28% of full-time staff.
SMR expects its strategic actions to result in annualized savings of around $50 million-$60 million and sees Q1 severance costs of about $3 million.
The actions reinforced the company's focus on advancing revenue-generating projects, securing new orders, and positioning toward long-term growth.
John Hopkins, NuScale President and CEO said, "We continue to invest in our future, including work needed for the near-term deployment of our SMR power plants powered by our 77 MWe NuScale Power Modules."
Currently, NuScale said it is taking steps to transition from R&D to commercialization and aims to focus resources in key strategic areas.
In October, SMR reported Q3 revenue of $6.95 million, missing the consensus of $19.07 million.
Price Action: SMR shares closed lower by 1.53% at $2.580 on Monday.
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