Nuscale Power Corp(:SMR)
NuScale Power Corporation is a publicly traded American company that designs and markets small modular reactors. It is headquartered in Portland, Oregon. A 50 MWe version of the design was certified by the US Nuclear Regulatory Commission in January 2023.
Website: https://www.nuscalepower.com/
Founded: 2007
Founder: Paul G. Lorenzini; José Reyes
CEO: John L Hopkins
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At a glance:
- SMR Commercialization Still Early-Stage: NuScale remains in a pre-commercial/early-commercial phase, with value driven primarily by progress toward deploying its small modular reactor (SMR) design and converting interest into binding customer commitments.
- Regulatory and Licensing Milestones Are Key Catalysts: Execution depends heavily on successful licensing, design approvals, and ongoing engagement with nuclear regulators; timeline shifts on regulatory milestones can materially impact project schedules and investor expectations.
- Project Pipeline vs. Conversion Risk: The company’s prospects hinge on turning a project pipeline into firm orders and long-term agreements; cancellations, delays, or weaker-than-expected conversions remain central risks.
- Funding Needs and Cash Burn Sensitivity: As with many development-stage energy technology companies, operating results are sensitive to R&D and commercialization spend; access to capital (equity, debt, partners, or government support) is an important swing factor.
- Competitive Landscape and Cost Targets Matter: NuScale competes with other SMR and nuclear developers as well as alternative low-carbon generation; meeting cost, schedule, and performance targets is critical to achieving broad adoption.
Bull Thesis:
- NRC Design Certification and First-Mover Advantage: NuScale is the only company with an SMR design certified by the U.S. Nuclear Regulatory Commission (NRC), providing a significant regulatory and competitive lead in the crucial U.S. market and a strong foundation for international adoption and streamlined approvals.
- Surging Global Demand for Decarbonized Baseload Power: The global push for energy security, decarbonization, and reliable baseload electricity generation positions SMRs as a critical solution. NuScale's technology is well-suited to meet these evolving energy needs, especially in regions phasing out fossil fuels.
- Modular Design and Broad Application Potential: NuScale's modular design allows for flexible deployment and scalability, making it suitable not only for grid-scale electricity but also for industrial heat, hydrogen production, desalination, and powering remote communities, significantly expanding its total addressable market.
- Strong Government and Strategic Industry Backing: NuScale benefits from substantial government funding and strategic partnerships (e.g., U.S. Department of Energy, international agreements). This backing helps de-risk development, accelerate deployment, and validates the technology's importance for national energy strategies.
Bear Thesis:
- Absence of Commercial Scale Deployment and Project Delays: NuScale has yet to deploy a commercial-scale reactor, and the recent cancellation of the Carbon Free Power Project (CFPP) highlights significant project execution risks, potential cost overruns, and the challenge of securing firm commitments from customers for first-of-a-kind projects.
- Increasing Competition from Other SMR and Advanced Reactor Designs: While NuScale has an NRC lead, numerous other companies globally (e.g., GE-Hitachi, Rolls-Royce, X-energy) are developing competing SMR and advanced reactor technologies. Some of these alternatives may offer different advantages in terms of cost, fuel cycle, or specific applications, intensifying market competition.
- High Upfront Capital Costs and Extended Development Cycles: Despite being 'small' compared to traditional nuclear, SMR projects still require substantial upfront capital investment and face long development and construction timelines. This can deter potential customers and tie up significant financial resources for extended periods, impacting return on investment.
- Economic Competitiveness Against Evolving Energy Mix: SMRs face a challenge in demonstrating long-term cost competitiveness against increasingly cheaper renewable energy sources (solar, wind) combined with advanced battery storage solutions, which are rapidly improving in efficiency and cost. The Levelized Cost of Energy (LCOE) for SMRs needs to be compelling.
Main Competitors:
- GE Hitachi Nuclear Energy (GEH) ($GE) (BWRX-300 SMR), A joint venture between General Electric and Hitachi, GEH is developing the BWRX-300, a 300 MWe boiling water small modular reactor. It competes directly with NuScale's PWR-based SMR for market share in the global SMR deployment, particularly in North America and Europe, leveraging established industrial backing and a different reactor technology.
- X-energy (Xe-100 SMR), X-energy is developing the Xe-100, a high-temperature gas-cooled reactor (HTGR) SMR. This advanced reactor design offers potential advantages for industrial heat applications in addition to electricity generation, directly competing with NuScale for clean energy contracts, especially where process heat is a primary requirement.
- Rolls-Royce SMR ($RR.L) (Rolls-Royce SMR), Rolls-Royce SMR is developing a 470 MWe pressurized water reactor (PWR) SMR, similar in concept to NuScale's but with a larger output per module. They compete for SMR deployment, particularly in the UK and other international markets, leveraging Rolls-Royce's extensive engineering and manufacturing heritage.
- TerraPower (Natrium Reactor), Backed by Bill Gates, TerraPower is developing advanced nuclear reactors, including the Natrium reactor (a sodium-cooled fast reactor). While a different technology from NuScale's light-water SMR, TerraPower competes for the broader advanced nuclear market, aiming to provide reliable, carbon-free power with potential advantages in fuel efficiency and waste management.
Moat:
NuScale Power Corp holds a significant first-mover advantage, being the first SMR design to receive design certification from the U.S. Nuclear Regulatory Commission (NRC), a major regulatory hurdle. Its light-water reactor technology is well-understood, offering a perceived lower risk profile compared to more novel advanced reactor designs. However, competition is intensifying from other SMR developers offering diverse technologies (e.g., BWRs, HTGRs, sodium-cooled reactors) that may present different operational or economic advantages for specific applications. The market will ultimately be decided by factors such as cost-effectiveness, speed of deployment, regulatory approval in various jurisdictions, and public acceptance, alongside broader competition from other clean energy sources like renewables paired with storage.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 8,242,000 | 8,054,000 | 13,375,000 | 34,224,000 | 475,000 | 967,000 | 1,379,000 | 4,560,000 | 6,950,000 | 5,795,000 | 5,505,000 | 3,438,000 | 3,172,000 | 2,749,000 | ||
yoy | 1635.16% | 732.89% | 869.91% | 650.53% | -93.17% | -83.31% | -74.95% | 32.64% | 119.10% | 110.80% | ||||||
qoq | 2.33% | -39.78% | -60.92% | 7105.05% | -50.88% | -29.88% | -69.76% | -34.39% | 19.93% | 5.27% | 60.12% | 8.39% | 15.39% | |||
cost of sales | -5,533,000 | -6,273,000 | -6,373,000 | -3,057,000 | -295,000 | -850,000 | -735,000 | -3,840,000 | -5,940,000 | -5,765,000 | -3,416,000 | -2,624,000 | -1,749,000 | -1,739,000 | ||
gross margin | 2,709,000 | 1,781,000 | 7,002,000 | 31,167,000 | 180,000 | 117,000 | 644,000 | 720,000 | 1,010,000 | 30,000 | 2,089,000 | 814,000 | 1,423,000 | 1,010,000 | ||
yoy | 1405.00% | 1422.22% | 987.27% | 4228.75% | -82.18% | 290.00% | -69.17% | -11.55% | -29.02% | -97.03% | ||||||
qoq | 52.11% | -74.56% | -77.53% | 17215.00% | 53.85% | -81.83% | -10.56% | -28.71% | 3266.67% | -98.56% | 156.63% | -42.80% | 40.89% | |||
gross margin % | 32.87% | 22.11% | 52.35% | 91.07% | 37.89% | 12.10% | 46.70% | 15.79% | 14.53% | 0.52% | 37.95% | 23.68% | 44.86% | 36.74% | NaN% | |
research and development expenses | 11,054,000 | 11,802,000 | 9,131,000 | 9,370,000 | 12,160,000 | 12,132,000 | 13,155,000 | 37,823,000 | 63,725,000 | 26,932,000 | 25,715,000 | 36,091,000 | 34,317,000 | 28,628,000 | ||
general and administrative expenses | 519,222,000 | 22,523,000 | 23,264,000 | 22,694,000 | 17,021,000 | 16,827,000 | 19,359,000 | 17,984,000 | 16,402,000 | 16,323,000 | 14,695,000 | 18,621,000 | 18,473,000 | 15,443,000 | 5,147,286 | |
other expenses | 10,873,000 | 10,538,000 | 9,934,000 | 10,958,000 | 12,018,000 | 13,036,000 | 12,103,000 | 15,969,000 | 13,799,000 | 12,896,000 | 17,151,000 | 13,485,000 | 14,731,000 | 9,605,000 | ||
income from operations | -538,440,000 | -43,082,000 | -35,327,000 | -11,855,000 | -41,019,000 | -41,878,000 | -43,973,000 | -71,056,000 | -92,916,000 | -56,121,000 | -55,472,000 | -67,383,000 | -66,098,000 | -52,666,000 | -5,147,286 | |
yoy | 1212.66% | 2.88% | -19.66% | -83.32% | -55.85% | -25.38% | -20.73% | 5.45% | 40.57% | 6.56% | 977.69% | |||||
qoq | 1149.80% | 21.95% | 197.99% | -71.10% | -2.05% | -4.76% | -38.12% | -23.53% | 65.56% | 1.17% | -17.68% | 1.94% | 25.50% | 923.18% | ||
operating margin % | -6532.88% | -534.91% | -264.13% | -34.64% | -8635.58% | -4330.71% | -3188.76% | -1558.25% | -1336.92% | -968.44% | -1007.67% | -1959.95% | -2083.80% | -1915.82% | -Infinity% | |
sponsored cost share | 33,000 | 21,000 | 63,000 | 380,000 | 660,000 | 2,448,000 | 3,396,000 | 6,047,000 | 20,774,000 | 16,337,000 | 17,873,000 | |||||
change in fair value of warrant liabilities | -170,030,000 | -7,191,000 | -36,733,000 | -9,045,000 | 6,460,000 | 11,076,000 | 7,199,000 | 6,120,000 | ||||||||
investment income | 5,761,000 | |||||||||||||||
income before income taxes | -532,646,000 | -37,609,000 | -30,053,000 | -178,392,000 | -45,542,000 | -74,438,000 | -48,080,000 | -56,443,000 | -58,328,000 | -29,734,000 | -35,610,000 | -47,190,000 | -49,630,000 | -21,380,000 | ||
foreign income taxes | 342,000 | 1,923,000 | 12,000 | |||||||||||||
net income | -532,646,000 | -37,609,000 | -30,395,000 | -180,315,000 | -45,554,000 | -74,438,000 | -48,080,000 | -56,443,000 | -58,328,000 | -29,734,000 | -35,610,000 | -47,190,000 | -49,630,000 | -21,380,000 | -15,958,891 | |
yoy | 1069.26% | -49.48% | -36.78% | 219.46% | -21.90% | 150.35% | 35.02% | 19.61% | 17.53% | 39.07% | 123.14% | |||||
qoq | 1316.27% | 23.73% | -83.14% | 295.83% | -38.80% | 54.82% | -14.82% | -3.23% | 96.17% | -16.50% | -24.54% | -4.92% | 132.13% | 33.97% | ||
net income margin % | -6462.58% | -466.96% | -227.25% | -526.87% | -9590.32% | -7697.83% | -3486.58% | -1237.79% | -839.25% | -513.10% | -646.87% | -1372.60% | -1564.63% | -777.74% | -Infinity% | |
net loss attributable to noncontrolling interests | -259,327,000 | -19,968,000 | -16,390,000 | -105,340,000 | -28,095,000 | -46,821,000 | -31,508,000 | -37,688,000 | -39,206,000 | -20,211,000 | -24,648,000 | -34,576,000 | -38,923,000 | -11,005,000 | ||
net loss attributable to class a common stockholders | -273,319,000 | -17,641,000 | -14,005,000 | -74,975,000 | -17,459,000 | -27,617,000 | -16,572,000 | -18,755,000 | -19,122,000 | -9,523,000 | -10,962,000 | -12,614,000 | -10,707,000 | -2,593,000 | ||
loss per share of class a common stock: | ||||||||||||||||
basic and diluted | -1.85 | -0.13 | -0.11 | -0.77 | -0.18 | -0.31 | -0.21 | -0.25 | -0.26 | -0.13 | -0.16 | -0.21 | -0.23 | -0.06 | ||
weighted-average shares of class a common stock outstanding: | ||||||||||||||||
basic and diluted | 147,685,584 | 133,417,743 | 127,718,255 | 93,249,872 | 95,197,500 | 89,553,679 | 79,585,062 | 73,386,018 | 74,836,884 | 72,125,375 | 69,684,268 | 50,763,844 | 46,417,563 | 42,028,341 | ||
interest income | 5,452,000 | 5,211,000 | 3,113,000 | 2,008,000 | 1,725,000 | 1,542,000 | 2,106,000 | 2,738,000 | 2,851,000 | 3,097,000 | ||||||
provision for income taxes | ||||||||||||||||
net loss attributable to legacy nuscale llc holders prior to transaction | -7,782,000 | |||||||||||||||
decrease in fair value of warrant liabilities | -1,108,000 | |||||||||||||||
department of energy cost share | 8,320,000 | 18,377,000 | 25,177,000 | |||||||||||||
increase in fair value of warrant liabilities | 821,750 | -2,833,000 | ||||||||||||||
other cost share | 231,500 | 924,000 | -11,000 | |||||||||||||
other income | ||||||||||||||||
change in fair value of derivative warrant liabilities | -10,835,000 | |||||||||||||||
income from investments held in trust account | 23,395 | |||||||||||||||
weighted-average shares outstanding of class a ordinary shares | 23,000,000 | |||||||||||||||
basic and diluted net income per share, class a ordinary shares | -0.56 | |||||||||||||||
weighted-average shares outstanding of class b ordinary shares | 5,750,000 | |||||||||||||||
basic and diluted net income per share, class b ordinary shares | -0.56 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
current assets | |||||||||||||||||||
cash and cash equivalents | 407,585,000 | 297,695,000 | 491,422,000 | 401,556,000 | 111,628,000 | 130,934,000 | 131,990,000 | 120,265,000 | 117,470,000 | 154,409,000 | 218,164,000 | 217,685,000 | 268,608,000 | 350,823,000 | |||||
short-term investments | 284,200,000 | 123,051,000 | 30,000,000 | 40,000,000 | 45,000,000 | 50,000,000 | 50,000,000 | ||||||||||||
restricted cash | 5,100,000 | 5,100,000 | 5,100,000 | 5,100,000 | 5,100,000 | 5,100,000 | 5,100,000 | 5,100,000 | 79,164,000 | 60,192,000 | 34,182,000 | 26,532,000 | 18,900,000 | ||||||
prepaid expenses | 7,746,000 | 3,918,000 | 3,553,000 | 3,377,000 | 10,914,000 | 11,866,000 | 14,576,000 | 19,054,000 | 21,493,000 | 8,732,000 | 7,304,000 | 5,531,000 | 6,428,000 | 7,670,000 | 73,390 | 101,192 | 108,370 | 171,191 | 172,090 |
accounts and other receivables | 15,187,000 | 12,796,000 | 13,338,000 | 21,104,000 | 7,912,000 | 8,375,000 | 5,103,000 | 10,127,000 | 20,190,000 | 24,920,000 | 20,992,000 | 11,199,000 | |||||||
total current assets | 719,818,000 | 442,560,000 | 543,413,000 | 471,137,000 | 180,554,000 | 156,275,000 | 156,769,000 | 154,546,000 | 159,153,000 | 188,061,000 | 246,460,000 | 284,415,000 | 347,850,000 | 373,494,000 | 649,964 | 1,086,306 | 1,298,677 | 1,488,185 | 1,856,524 |
property, plant and equipment | 2,118,000 | 1,846,000 | 2,284,000 | 2,421,000 | 2,756,000 | 3,150,000 | 3,553,000 | 4,116,000 | 4,632,000 | 5,237,000 | 4,506,000 | 4,770,000 | 4,972,000 | 5,325,000 | |||||
in-process research and development | 16,900,000 | 16,900,000 | 16,900,000 | 16,900,000 | 16,900,000 | 16,900,000 | 16,900,000 | 16,900,000 | 16,900,000 | 16,900,000 | 16,900,000 | 16,900,000 | 16,900,000 | 16,900,000 | |||||
intangible assets | 571,000 | 616,000 | 660,000 | 704,000 | 749,000 | 793,000 | 837,000 | 882,000 | 926,000 | 970,000 | 1,015,000 | 1,059,000 | 1,103,000 | 1,148,000 | |||||
goodwill | 8,255,000 | 8,255,000 | 8,255,000 | 8,255,000 | 8,255,000 | 8,255,000 | 8,255,000 | 8,255,000 | 8,255,000 | 8,255,000 | 8,255,000 | 8,255,000 | 8,255,000 | 8,255,000 | |||||
long-lead material work in process | 63,315,000 | 64,338,000 | 44,987,000 | 43,388,000 | 41,609,000 | 41,227,000 | 40,317,000 | 36,361,000 | 30,765,000 | ||||||||||
investments | 61,991,000 | 69,168,000 | |||||||||||||||||
other assets | 10,167,000 | 2,769,000 | 1,599,000 | 1,868,000 | 2,461,000 | 2,633,000 | 3,185,000 | 3,798,000 | 8,731,000 | 5,949,000 | 5,054,000 | 6,704,000 | 6,263,000 | 2,109,000 | |||||
total assets | 883,135,000 | 606,452,000 | 618,098,000 | 544,673,000 | 253,284,000 | 229,233,000 | 229,816,000 | 224,858,000 | 308,526,000 | 309,464,000 | 332,390,000 | 348,635,000 | 404,243,000 | 407,231,000 | 232,994,297 | 233,407,245 | 233,615,163 | 233,801,679 | 234,164,226 |
liabilities and equity | |||||||||||||||||||
current liabilities | |||||||||||||||||||
accounts payable and accrued expenses | 403,415,000 | 64,629,000 | 47,609,000 | 47,947,000 | 17,897,000 | 19,098,000 | 45,851,000 | 44,925,000 | 35,880,000 | 28,072,000 | 43,738,000 | 27,951,000 | 31,910,000 | 24,135,000 | |||||
accrued compensation | 8,700,000 | 6,299,000 | 5,605,000 | 7,330,000 | 7,749,000 | 5,734,000 | 5,412,000 | 8,546,000 | 9,588,000 | 6,403,000 | 6,442,000 | 9,038,000 | 9,052,000 | 5,647,000 | |||||
long-lead material liability | 32,323,000 | 32,323,000 | 32,327,000 | 32,327,000 | 33,064,000 | 32,445,000 | 32,323,000 | 32,323,000 | |||||||||||
other accrued liabilities | 560,000 | 1,376,000 | 1,141,000 | 1,356,000 | 1,848,000 | 1,540,000 | 1,518,000 | 1,664,000 | 1,515,000 | 1,672,000 | 1,511,000 | 1,568,000 | 1,459,000 | 657,000 | |||||
deferred revenue | 630,000 | 299,000 | 574,000 | 762,000 | 78,000 | 78,000 | 206,000 | 898,000 | 33,381,000 | 23,779,000 | 1,078,000 | 856,000 | 1,131,000 | 794,000 | |||||
total current liabilities | 445,628,000 | 104,926,000 | 87,256,000 | 89,722,000 | 80,558,000 | 58,817,000 | 85,104,000 | 87,458,000 | 81,483,000 | 36,147,000 | 51,691,000 | 38,557,000 | 42,421,000 | 30,439,000 | 5,055,965 | 345,022 | 355,612 | 103,721 | 87,082 |
noncurrent liabilities | 2,209,000 | 2,321,000 | 1,008,000 | 1,650,000 | 1,048,000 | 1,442,000 | 1,832,000 | 2,076,000 | 2,433,000 | 2,786,000 | 2,995,000 | 2,848,000 | |||||||
total liabilities | 448,319,000 | 107,590,000 | 88,612,000 | 91,553,000 | 163,159,000 | 135,922,000 | 101,125,000 | 95,520,000 | 128,879,000 | 85,260,000 | 85,659,000 | 71,548,000 | 84,758,000 | 75,493,000 | 53,089,965 | 37,544,022 | 38,579,612 | 36,839,721 | 32,769,082 |
stockholders’ equity | |||||||||||||||||||
class a common stock, par value 0.0001... | 17,000 | 13,000 | 13,000 | 12,000 | 10,000 | 9,000 | 9,000 | 8,000 | 8,000 | 7,000 | 7,000 | 7,000 | 5,000 | 4,000 | |||||
class b common stock, par value 0.0001... | 13,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 16,000 | 16,000 | 16,000 | 18,000 | 18,000 | |||||
additional paid-in capital | 1,510,720,000 | 1,101,566,000 | 1,095,062,000 | 995,745,000 | 462,146,000 | 420,948,000 | 382,068,000 | 333,888,000 | 327,593,000 | 312,618,000 | 302,487,000 | 296,748,000 | 272,217,000 | 221,379,000 | 13,668,974 | ||||
accumulated deficit | -682,042,000 | -408,723,000 | -391,082,000 | -377,077,000 | -302,102,000 | -284,643,000 | -257,026,000 | -240,454,000 | -221,699,000 | -202,577,000 | -193,054,000 | -182,092,000 | -169,478,000 | -158,771,000 | -52,396,243 | -36,437,352 | -37,265,024 | -8,669,940 | -4,236,755 |
total stockholders’ equity excluding noncontrolling interests | 828,708,000 | 692,871,000 | 704,008,000 | 160,069,000 | 136,329,000 | 125,066,000 | 105,917,000 | 110,064,000 | 109,456,000 | 102,762,000 | 62,630,000 | ||||||||
noncontrolling interests | -393,892,000 | -194,009,000 | -174,522,000 | -165,575,000 | -69,944,000 | -43,018,000 | 3,625,000 | 35,881,000 | 73,730,000 | 114,140,000 | 137,275,000 | 162,408,000 | 216,723,000 | 269,108,000 | |||||
total stockholders' equity | 434,816,000 | 498,862,000 | 529,486,000 | 453,120,000 | 90,125,000 | 93,311,000 | 128,691,000 | 129,338,000 | 179,647,000 | 224,204,000 | 246,731,000 | 277,087,000 | 319,485,000 | 331,738,000 | |||||
total liabilities and stockholders' equity | 883,135,000 | 606,452,000 | 618,098,000 | 544,673,000 | 253,284,000 | 229,233,000 | 229,816,000 | 224,858,000 | 308,526,000 | 309,464,000 | 332,390,000 | ||||||||
warrant liabilities | 58,681,000 | 51,500,000 | 14,767,000 | 5,722,000 | 12,183,000 | 23,258,000 | 30,457,000 | 29,349,000 | 38,211,000 | 41,412,000 | |||||||||
stockholders' equity | |||||||||||||||||||
total stockholders' equity excluding noncontrolling interests | 618,695,000 | 93,457,000 | 114,679,000 | ||||||||||||||||
customer deposit | 20,000,000 | ||||||||||||||||||
noncurrent accounts payable and accrued expenses | 23,604,000 | 24,880,000 | |||||||||||||||||
other noncurrent liabilities | 238,000 | 647,000 | |||||||||||||||||
cfpp liability | 34,500,000 | ||||||||||||||||||
long-term contract work in process | 23,900,000 | 16,018,000 | |||||||||||||||||
convertible note payable | |||||||||||||||||||
mezzanine equity | |||||||||||||||||||
convertible preferred units | |||||||||||||||||||
common units | |||||||||||||||||||
total liabilities, mezzanine equity and stockholders' equity | 348,635,000 | 404,243,000 | 407,231,000 | ||||||||||||||||
accounts receivable | 22,814,000 | 15,001,000 | |||||||||||||||||
convertible notes payable | |||||||||||||||||||
| 2,022 | ||||||||||||||||||
current assets: | |||||||||||||||||||
cash | 576,574 | 985,114 | 1,190,307 | 1,316,994 | 1,659,434 | ||||||||||||||
investments held in trust account | 232,344,333 | 232,320,939 | 232,313,494 | 232,307,702 | |||||||||||||||
liabilities, class a ordinary shares subject to possible redemption and shareholders' deficit: | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
accounts payable | 109,931 | 305,022 | 345,062 | 21,438 | |||||||||||||||
accrued expenses | 4,946,034 | 40,000 | 10,550 | 82,283 | 87,082 | ||||||||||||||
derivative warrant liabilities | 39,984,000 | 29,149,000 | 30,174,000 | 28,686,000 | |||||||||||||||
deferred underwriting fee payable | 8,050,000 | 8,050,000 | 8,050,000 | ||||||||||||||||
commitments and contingencies | |||||||||||||||||||
class a ordinary shares subject to possible redemption, 0.0001 par value... | 232,300,000 | 232,300,000 | |||||||||||||||||
shareholders' deficit: | |||||||||||||||||||
preference shares, 0.0001 par value... | |||||||||||||||||||
class a ordinary shares, 0.0001 par value... | 399 | 355 | |||||||||||||||||
class b ordinary shares, 0.0001 par value... | 575 | 575 | 575 | 575 | 575 | ||||||||||||||
total shareholders' deficit | -52,395,668 | -36,436,777 | -37,264,449 | ||||||||||||||||
total liabilities, class a ordinary shares subject to possible redemption and shareholders' deficit | 232,994,297 | 233,407,245 | |||||||||||||||||
general and administrative expenses | 5,147,286 | ||||||||||||||||||
income from operations | -5,147,286 | ||||||||||||||||||
other income | |||||||||||||||||||
change in fair value of derivative warrant liabilities | -10,835,000 | ||||||||||||||||||
income from investments held in trust account | 23,395 | ||||||||||||||||||
net income | -15,958,891 | ||||||||||||||||||
weighted-average shares outstanding of class a ordinary shares | 23,000,000 | ||||||||||||||||||
basic and diluted net income per share, class a ordinary shares | -0.56 | ||||||||||||||||||
weighted-average shares outstanding of class b ordinary shares | 5,750,000 | ||||||||||||||||||
basic and diluted net income per share, class b ordinary shares | -0.56 | ||||||||||||||||||
preference shares, 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | |||||||||||||||||||
investments held in brokerage account | 232,316,486 | ||||||||||||||||||
liabilities and shareholders' deficit | |||||||||||||||||||
deferred underwriting fees payable | 8,050,000 | 8,050,000 | |||||||||||||||||
class a ordinary shares subject to possible redemption, 23,000,000 shares at 10.10 redemption value as of september 30, 2021 and december 31, 2020 respectively | 232,300,000 | ||||||||||||||||||
shareholders' deficit | |||||||||||||||||||
total liabilities and shareholders' deficit | 233,615,163 | ||||||||||||||||||
liabilities and shareholders' equity | |||||||||||||||||||
ordinary shares subject to possible redemption, 19,006,134 and 18,582,720 shares issued and outstanding as of june 30, 2021 and december 31, 2020 shares at redemption value as of june 30, 2021 and december 31, 2020, respectively | 191,961,950 | ||||||||||||||||||
shareholders' equity: | |||||||||||||||||||
total shareholders' equity | 5,000,008 | 5,000,001 | |||||||||||||||||
total liabilities and shareholders' equity | 233,801,679 | 234,164,226 | |||||||||||||||||
related party receivable | 25,000 | ||||||||||||||||||
long term liabilities: | |||||||||||||||||||
warrant liability | 24,632,000 | ||||||||||||||||||
class a ordinary shares subject to redemption, 19,445,064 and 18,582,720 shares at 10.10 at march 31, 2021 and december 31, 2020, respectively | 196,395,143 | ||||||||||||||||||
additional paid in capital | 9,235,826 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating cash flow | ||||||||||||||||
net loss | -532,646 | 30,326,996 | -30,395,000 | -180,315,000 | -45,554,000 | -74,438,000 | -48,080,000 | -58,328,000 | -29,734,000 | -35,610,000 | -47,190,000 | -49,630,000 | ||||
adjustments to reconcile net loss to operating cash flow: | ||||||||||||||||
depreciation and amortization | ||||||||||||||||
equity-based compensation expense | 4,798 | -4,448,303 | 4,458,000 | 3,200,000 | 3,946,000 | 4,278,000 | 2,218,000 | 4,140,000 | 4,009,000 | 4,453,000 | 3,637,000 | 3,614,000 | 3,585,000 | |||
disposal of property, plant and equipment | 0 | |||||||||||||||
impairment of intangible asset | 0 | 0 | 0 | 71,000 | ||||||||||||
gain on insurance proceeds received for damage to property, plant and equipment | 0 | |||||||||||||||
change in fair value of warrant liabilities | 170,030,000 | 7,191,000 | -6,460,000 | -11,076,000 | ||||||||||||
other changes in assets and liabilities: | ||||||||||||||||
prepaid expenses and other assets | -11,549 | 228,400 | -229,000 | 7,939,000 | 798,000 | 2,955,000 | 4,721,000 | 8,334,000 | -15,810,000 | -2,468,000 | -99,000 | 7,542,000 | -7,188,000 | |||
accounts and other receivables | -2,394 | -7,757,690 | 7,766,000 | |||||||||||||
long-lead material work in process | 1,032 | -3,956,000 | -5,596,000 | |||||||||||||
long-lead material liability | 0 | -737,000 | 619,000 | |||||||||||||
accounts payable and accrued expenses | 337,850 | 1,308,222 | -1,292,000 | 7,761,000 | -1,771,000 | -1,616,000 | 1,343,000 | 9,416,000 | 8,503,000 | 497,000 | -170,000 | -3,812,000 | 5,010,000 | |||
nonrefundable customer deposit | ||||||||||||||||
net change in right of use assets and lease liabilities | -53 | 51,897 | -52,000 | |||||||||||||
deferred revenue | 469 | 21,700 | -22,000 | 865,000 | 0 | 41,000 | -861,000 | -32,483,000 | 9,602,000 | 22,701,000 | 222,000 | -275,000 | 337,000 | |||
accrued compensation | 2,401 | 1,722,970 | -1,724,000 | -419,000 | 2,015,000 | 321,000 | -3,133,000 | -873,000 | 3,185,000 | -39,000 | -2,596,000 | -14,000 | 3,406,000 | |||
net cash from operating activities | -199,799 | 22,729,893 | -22,786,000 | -26,417,000 | -12,728,000 | -36,032,000 | -33,489,000 | -73,212,000 | -27,675,000 | -39,230,000 | -43,137,000 | -43,881,000 | -40,676,000 | -63,643,460 | -408,540 | |
capital expenditures | 0 | 0 | -67,000 | 0 | 0 | 0 | -51,000 | -54,000 | -1,269,000 | -351,000 | -588,000 | -163,000 | 0 | 0 | ||
free cash flows | -199,799 | 22,729,893 | -22,853,000 | -26,417,000 | -12,728,000 | -36,032,000 | -73,263,000 | -27,729,000 | -40,499,000 | -43,488,000 | -44,469,000 | -40,839,000 | -63,643,460 | -408,540 | ||
investing cash flow | ||||||||||||||||
proceeds from sale of short-term investments | ||||||||||||||||
proceeds from sale of investments | ||||||||||||||||
purchase of short-term investments | -243,937 | 9,896,949 | -10,000,000 | -20,000,000 | ||||||||||||
purchase of investments | -36,799 | |||||||||||||||
purchase of property, plant and equipment | ||||||||||||||||
insurance proceeds received for damage to property, plant and equipment | 0 | |||||||||||||||
net cash from investing activities | 9,933,000 | -51,000 | -54,000 | -1,269,000 | 49,649,000 | -588,000 | -50,163,000 | |||||||||
financing cash flow | ||||||||||||||||
proceeds from the issuance of common stock, net of issuance fees | 462,613 | -99,657,243 | 99,757,000 | 100,806,000 | 31,201,000 | 31,027,000 | 41,614,000 | 1,969,000 | ||||||||
proceeds from exercise of common share options | 1,189 | -2,957,292 | 2,962,000 | |||||||||||||
net cash from financing activities | 463,802 | -102,614,535 | 102,719,000 | 311,389,000 | 38,422,000 | 34,781,000 | 45,214,000 | 1,994,000 | 9,762,000 | 2,754,000 | 1,617,000 | 1,178,000 | 27,524,000 | |||
net change in cash, cash equivalents and restricted cash | 109,890 | -89,969,861 | 89,866,000 | 289,928,000 | -19,306,000 | -71,269,000 | ||||||||||
cash, cash equivalents and restricted cash: | ||||||||||||||||
beginning of period | 0 | -406,249,344 | 406,656,000 | 0 | 0 | 0 | 125,365,000 | 0 | 0 | 0 | 244,217,000 | 0 | 0 | |||
end of period | 109,890 | -496,219,205 | 496,522,000 | 289,928,000 | -19,306,000 | -1,056,000 | 137,090,000 | -71,269,000 | -17,967,000 | -37,745,000 | 252,346,000 | -43,291,000 | -63,315,000 | |||
summary of noncash investing and financing activities: | ||||||||||||||||
accrued foreign income tax withholding to noncontrolling interests | 0 | -415,584 | 416,000 | |||||||||||||
plant, property and equipment in accounts payable | 65,000 | |||||||||||||||
supplemental disclosures of cash flow information: | ||||||||||||||||
foreign income taxes paid | 0 | -1,598,400 | 1,600,000 | |||||||||||||
depreciation | -268,471 | 269,000 | 379,000 | 394,000 | 402,000 | 490,000 | 567,000 | 641,000 | 557,000 | 615,000 | 640,000 | 666,000 | ||||
amortization of intangibles | -43,911 | 44,000 | 44,000 | 44,000 | 45,000 | 44,000 | 44,000 | 44,000 | 45,000 | 44,000 | 44,000 | 44,000 | ||||
sale of short-term investments | -19,980,000 | 20,000,000 | 0 | 0 | 50,000,000 | |||||||||||
net cash (used) provided by investing activities | 4,956,000 | |||||||||||||||
loss on disposal of plant property and equipment | ||||||||||||||||
long-term contract work in process | -1,609,000 | -382,000 | ||||||||||||||
purchases of property, plant and equipment | -67,000 | -51,000 | -54,000 | -1,269,000 | -351,000 | -588,000 | -163,000 | |||||||||
provision for credit losses | 943,000 | |||||||||||||||
loss on disposal of property, plant and equipment | 73,000 | |||||||||||||||
net noncash change in right of use assets and lease liabilities | 206,000 | -87,000 | -97,000 | -90,000 | -2,130,000 | -240,000 | 355,000 | -345,000 | -6,946,000 | 8,528,000 | ||||||
changes in assets and liabilities: | ||||||||||||||||
accounts receivable | -3,272,000 | 5,024,000 | 10,063,000 | 4,730,000 | -3,928,000 | -9,793,000 | 11,615,000 | -7,813,000 | ||||||||
lease liability | -410,000 | -403,000 | -401,000 | -398,000 | -411,000 | -570,000 | -570,000 | -150,000 | -238,000 | -454,000 | ||||||
deferred doe cost share | 0 | 0 | ||||||||||||||
insurance proceeds for property, plant and equipment | ||||||||||||||||
proceeds from exercise of warrants | ||||||||||||||||
foreign income tax withholding to nci interests | ||||||||||||||||
proceeds from transaction | 0 | 0 | ||||||||||||||
payments of transaction costs | 0 | 0 | ||||||||||||||
proceeds from exercise of common unit options | 0 | 0 | ||||||||||||||
repurchase of common units | 0 | 0 | ||||||||||||||
issuance of treasury units | 0 | 0 | ||||||||||||||
assumption of transaction warrant liabilities | 0 | 0 | ||||||||||||||
debt converted to equity | 0 | 0 | ||||||||||||||
warrants converted into equity | 0 | |||||||||||||||
conversion of equity options to liability award | 0 | 0 | ||||||||||||||
cash paid for income taxes | ||||||||||||||||
proceeds from exercise of warrants and common share options | 7,221,000 | 3,754,000 | 3,600,000 | 25,000 | 1,895,000 | 2,754,000 | 1,617,000 | 1,178,000 | ||||||||
change in the fair value of warrant liabilities | 9,045,000 | 1,108,000 | ||||||||||||||
net increase in cash, cash equivalents and restricted cash | 11,725,000 | 8,129,000 | -43,291,000 | |||||||||||||
net income | -15,958,891 | 8,734,669 | ||||||||||||||
adjustments to reconcile net income to operating cash flow: | ||||||||||||||||
accrued interest on convertible note payable | ||||||||||||||||
sale (purchase) of short-term investments | ||||||||||||||||
repayment of debt | ||||||||||||||||
proceeds from short-term borrowings | ||||||||||||||||
repayment of short-term borrowings | ||||||||||||||||
proceeds from sale of convertible preferred units | ||||||||||||||||
equity issuance fees | ||||||||||||||||
conversion of accounts payable to convertible preferred units | ||||||||||||||||
cash paid for interest | ||||||||||||||||
cfpp liability | ||||||||||||||||
purchases of short-term investments | ||||||||||||||||
net change in cash and cash equivalents | ||||||||||||||||
cash and cash equivalents: | ||||||||||||||||
cash, cash equivalents and restricted cash | ||||||||||||||||
long-term contract work in process in accounts payable | 16,018,000 | |||||||||||||||
proceeds from debt issuance | ||||||||||||||||
capital expenditures in accounts payable | ||||||||||||||||
increase in lease liability | ||||||||||||||||
increase in the fair value of warrant liabilities | ||||||||||||||||
net increase in cash and cash equivalents | ||||||||||||||||
| 2,022 | |||||||||||||||
cash flows from operating activities: | ||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||
change in fair value of derivative warrant liabilities | 10,835,000 | |||||||||||||||
income from investments held in trust account | -23,395 | |||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||
prepaid expenses | 27,803 | |||||||||||||||
related party receivable | ||||||||||||||||
accounts payable | -195,091 | |||||||||||||||
accrued expenses | 4,906,034 | |||||||||||||||
cash flows from financing activities: | ||||||||||||||||
payment of offering costs | ||||||||||||||||
net change in cash | -408,540 | |||||||||||||||
cash - beginning of the period | 985,114 | |||||||||||||||
cash - ending of the period | 576,574 | |||||||||||||||
basic and diluted net income per ordinary share: | ||||||||||||||||
numerator: | ||||||||||||||||
allocation of net income | -12,767,113 | |||||||||||||||
denominator: | ||||||||||||||||
basic and diluted weighted-average ordinary shares outstanding | 23,000,000 | |||||||||||||||
basic and diluted net income per ordinary share | -0.56 | |||||||||||||||
change in fair value of derivative liabilities | ||||||||||||||||
gain on marketable securities (net), dividends and interest, held in trust account | ||||||||||||||||
formation and operating cost paid through the issuance of ordinary shares to sponsor | ||||||||||||||||
advances from related party | ||||||||||||||||
offering costs paid | ||||||||||||||||
net decrease in cash | ||||||||||||||||
cash - beginning of period | ||||||||||||||||
cash - end of period | ||||||||||||||||
supplemental disclosure of noncash investing and financing activities: | ||||||||||||||||
initial classification of class a ordinary shares subject to possible redemption | ||||||||||||||||
accretion of class a ordinary shares to redemption value | ||||||||||||||||
deferred offering costs included in accrued expenses | ||||||||||||||||
deferred offering costs paid through promissory note — related party | ||||||||||||||||
deferred offering costs paid through the issuance of ordinary shares to sponsor | ||||||||||||||||
balance sheet | ||||||||||||||||
ordinary shares subject to possible redemption | ||||||||||||||||
shareholders’ equity | ||||||||||||||||
preference shares - 0.0001 par value | ||||||||||||||||
class a ordinary shares - 0.0001 par value | ||||||||||||||||
class b ordinary shares - 0.0001 par value | ||||||||||||||||
additional paid-in-capital | ||||||||||||||||
accumulated deficit | ||||||||||||||||
total shareholders’ equity | ||||||||||||||||
offering costs allocated to derivative warrant liabilities | ||||||||||||||||
payment of formation costs through issuance of class b ordinary shares | ||||||||||||||||
cash flows from investing activities | ||||||||||||||||
cash deposited in trust account | ||||||||||||||||
proceeds from sale of units, net of underwriting discounts paid and reimbursements | ||||||||||||||||
proceeds from sale of private placement warrants | ||||||||||||||||
repayment of promissory note-related party | ||||||||||||||||
supplemental disclosure of noncash financing activities: | ||||||||||||||||
warrant liabilities in connection with initial public offering | ||||||||||||||||
deferred underwriting fee payable | ||||||||||||||||
accrued offering costs | ||||||||||||||||
offering costs paid by sponsor in exchange for founder shares | ||||||||||||||||
offering costs paid directly through note payable | ||||||||||||||||
change in value of class a ordinary shares subject to possible redemption | ||||||||||||||||
redeemable class a ordinary shares | ||||||||||||||||
numerator: earnings allocable to redeemable class a ordinary shares | ||||||||||||||||
less: income and franchise tax | ||||||||||||||||
net earnings allocable to redeemable class a ordinary shares | ||||||||||||||||
denominator: weighted-average share outstanding, redeemable class a ordinary shares | ||||||||||||||||
basic and diluted weighted-average shares outstanding, redeemable class a | ||||||||||||||||
basic and diluted net earnings per share, redeemable class a | ||||||||||||||||
non-redeemable class b ordinary shares | ||||||||||||||||
numerator: net income minus redeemable net earnings | ||||||||||||||||
less: net earnings allocable to redeemable class a ordinary shares | ||||||||||||||||
net income attributable to non-redeemable class b ordinary shares | ||||||||||||||||
denominator: weighted-average non-redeemable class b ordinary shares | ||||||||||||||||
basic and diluted weighted-average shares outstanding, non-redeemable class b | ||||||||||||||||
basic and diluted net income per share, non-redeemable class b | ||||||||||||||||
redemable class a ordinary shares | ||||||||||||||||
interest income | 5,729 | |||||||||||||||
net earnings | 5,729 | |||||||||||||||
denominator: weighted-average redeemable class a ordinary shares | ||||||||||||||||
redeemable class a common stock, basic and diluted | 23,000,000 | |||||||||||||||
earnings/basic and diluted redeemable class a ordinary share | ||||||||||||||||
redeemable net earnings | 5,729 | |||||||||||||||
non-redeemable net income | 8,740,398 | |||||||||||||||
non-redeemable class b ordinary shares, basic and diluted | 5,750,000 | |||||||||||||||
income/basic and diluted non-redeemable class b ordinary share | 1.52 | |||||||||||||||
redemable class a common stock | ||||||||||||||||
numerator: earnings allocable to redeemable class a common stock | ||||||||||||||||
income and franchise tax | ||||||||||||||||
denominator: weighted-average redeemable lass a common stock | ||||||||||||||||
earnings/basic and diluted redeemable class a common stock | ||||||||||||||||
non-redeemable class b common stock | ||||||||||||||||
denominator: weighted-average non-redeemable class b common stock | ||||||||||||||||
non-redeemable class b common stock, basic and diluted | ||||||||||||||||
loss/basic and diluted non-redeemable class b common stock |