NuScale Power Corp SMR reported fourth-quarter FY23 sales growth of 35.3% year-on-year to $4.60 million, missing the analyst consensus estimate of $9.975 million.
EPS of $(0.25) missed the consensus estimate of $(0.13).
The company reported fiscal 2023 revenue of $22.8 million, up 93.2% year-on-year. Gross profit for the year fell 14.2% to $3.8 million with a gross margin of 16.8%.
Loss from operations for the year expanded to $(275.6) million compared to a loss of $(229.9) million last year.
The company held $125.4 million in cash and equivalents as of December 31, 2023.
In January 2024, NuScale revealed cost-efficiency actions projected to result in approximately $50 million-$60 million in annualized savings.
The company said it is redirecting resources to the most immediate commercial opportunities, focusing on advancing revenue-generating projects, securing new orders, and positioning for long-term success.
Price Action: SMR shares are trading lower by 0.41% at $7.21 on the last check Friday.
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