Discussão gerencial da NUSCALE POWER CORP e análise da condição financeira e resultados das operações (Formulário 10-Q)

Discussão gerencial da NUSCALE POWER CORP e análise da condição financeira e resultados das operações (Formulário 10-Q)

The following discussion and analysis of the financial condition and results of
operations of NuScale Power Corporation ("NuScale Corp") should be read together
with our NuScale LLC financial statements as of and for the years ended
December 31, 2021 and 2020 and NuScale Corp unaudited interim condensed
consolidated financial statements as of and for the three and nine months ended
September 30, 2022 and the unaudited interim condensed consolidated financial
statements of NuScale LLC as of and for the three and nine months ended
September 30, 2021, together with related notes thereto. This discussion may
contain forward-looking statements based upon current expectations that involve
risks and uncertainties. Our actual results may differ materially from those
projected in these forward-looking statements as a result of various factors.
Unless the context otherwise requires, references in this section to "NuScale,"
"us," "our" or "we" refer to NuScale Power, LLC ("NuScale LLC") prior to the
Transaction, and to NuScale Power Corporation ("NuScale Corp") following the
consummation of the Transaction.

Uma observação especial sobre declarações prospectivas

This Quarterly Report includes "forward-looking statements" within the meaning
of Section 27A of the Securities Act and Section 21E of the Exchange Act that
are not historical facts and involve risks and uncertainties that could cause
actual results to differ materially from those expected and projected. All
statements, other than statements of historical fact included in this Form 10-Q,
including, without limitation, statements in this "Management's Discussion and
Analysis of Financial Condition and Results of Operations" regarding our
financial position and business strategy and the expectations, beliefs,
intentions, plans and objectives of management for future operations, are
forward-looking statements. Words such as "expect," "believe," "anticipate,"
"intend," "continue," "could," "may," "might," "plan," "possible," "potential,"
"predict," "project," "will," "would," "estimate," "seek" and variations and
similar words and expressions are intended to identify such forward-looking
statements, but the absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements in this Quarterly Report may
include, for example, statements about:
•our financial and business performance, including financial projections and
business metrics;
•the ability to maintain the listing of the shares of Class A common stock on
the NYSE, and the potential liquidity and trading of such securities;
•the ability to obtain regulatory approvals to deploy our SMRs in the United
States and abroad;
•changes in applicable laws or regulations;
•our success in retaining or recruiting, or changes required in, our officers,
key employees or directors;
•forecasts regarding end-customer adoption rates and demand for our products in
markets that are new and rapidly evolving;
•macroeconomic conditions;
•availability of a limited number of suppliers for our products and services;
•increases in costs, disruption of supply, or shortage of materials;
•our dependence on a small number of customers, and failure to add new customers
or expand sales to existing customers;
•substantial regulations, which are evolving, and unfavorable changes or failure
by us to comply with these regulations;
•product liability claims, which could harm our financial condition and
liquidity if we are not able to successfully defend or insure against such
claims;
•changes to United States trade policies, including new tariffs or the
renegotiation or termination of existing trade agreements or treaties;
•various environmental and safety laws and regulations that could impose
substantial costs on us and negatively impact the ability of our suppliers to
operate their manufacturing facilities and of our customers to own and operate
our plants;
•outages and disruptions of our services if we fail to maintain adequate
security and supporting infrastructure as we scale our information technology
systems;
•availability of additional capital to support business growth;
•failure to protect our intellectual property;
•intellectual property rights claims by third parties, which could be costly to
defend, related significant damages and resulting limits on our ability to use
certain technologies;
•developments and projections relating to our competitors and industry;
•our anticipated growth rates and market opportunities;
•the period over which we anticipate our existing cash and cash equivalents will
be sufficient to fund our operating expenses and capital expenditure
requirements;
•the potential for our business development efforts to maximize the potential
value of our portfolio;
•our estimates regarding expenses, future revenue, capital requirements and
needs for additional financing;
•the inability to develop and maintain effective internal controls;
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•failure to maintain adequate operational and financial resources or raise
additional capital or generate sufficient cash flows;
•cyber-attacks and security vulnerabilities; and
•COVID-19 and other pandemics, including their effect on the foregoing.
Such forward-looking statements relate to future events or future performance,
but reflect management's current beliefs, based on information currently
available. Many factors could cause actual events, performance or results to
differ materially from the events, performance and results discussed in the
forward-looking statements, and there can be no assurance that future
developments affecting us will be those we have anticipated. For information
identifying important factors that could cause actual results to differ
materially from those anticipated in the forward-looking statements, please
refer to "Risk Factors" in this Quarterly Report. Should one or more of these
risks or uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those projected in
these forward-looking statements. Some of these risks and uncertainties may in
the future be amplified by the COVID-19 outbreak and there may be additional
risks that we currently consider immaterial, or which are unknown. It is not
possible to predict or identify all such risks. Except as expressly required by
applicable securities law, we disclaim any intention or obligation to update or
revise any forward-looking statements whether as a result of new information,
future events or otherwise. No person should take any statement regarding past
trends or activities as a representation that the trends or activities will
continue in the future.

Resumo

Our mission is to provide scalable advanced nuclear technology for the
production of electricity, heat, and clean water to improve the quality of life
for people around the world. We are changing the power that changes the world by
creating an energy source that is smarter, cleaner, safer and cost competitive.
Our small modular reactor ("SMR"), known as NuScale Power Module ("NPM"),
provides a scalable power plant solution incorporating enhanced safety, improved
affordability and extended flexibility for diverse electrical and process heat
applications. Our scalable design provides carbon-free energy and at a reduced
cost when compared with gigawatt-sized nuclear facilities.
Since our founding in 2007, we have made significant progress towards
commercializing the first SMR in the United States. In 2017, we submitted our
Design Certification Application ("DCA") to the U.S. Nuclear Regulatory
Commission ("NRC"). On August 28, 2020, the NRC issued its Final Safety
Evaluation Report, representing the NRC's completion of its technical review. On
September 11, 2020 the NRC issued its Standard Design Approval ("SDA") of our
NPM and scalable plant design. With this phase of NuScale's DCA now complete,
customers may proceed with plans to develop NuScale power plants with the
understanding that the NRC has approved the safety aspects of the NPM and plant
design. We expect our operating losses and negative operating cash flow to grow
until the commercialization of the NPM. On July 29, 2022, the NRC directed the
staff to issue a final rule that certifies NuScale's SMR design for use in the
United States. The certification's effective date is 30 days after NRC publishes
the rule in the Federal Register.

acordo de fusão

On May 2, 2022, we completed a merger (the "Merger") with NuScale LLC pursuant
to the Agreement and Plan of Merger dated December 13, 2021 (as amended,
modified, supplemented or waived, the "Merger Agreement"), between NuScale Corp
(formerly Spring Valley Acquisition Corp.), NuScale LLC and Spring Valley Merger
Sub, LLC, a wholly owned subsidiary of NuScale Corp ("Merger Sub"). Pursuant to
the Merger Agreement, Merger Sub would be merged with and into NuScale LLC (the
"Merger"), with NuScale LLC surviving the Merger (the "Surviving Company"),
Spring Valley Acquisition Corp being renamed NuScale Power Corporation, and
NuScale LLC continuing to be held as a wholly controlled subsidiary of NuScale
Power Corporation in an "Up-C" structure. On May 2, 2022, the transaction
contemplated by the Merger Agreement, including the Merger (collectively the
"Transaction"), was completed.
The Transaction was accounted for as a reverse recapitalization as provided
under GAAP. NuScale Corp is the acquired company, with NuScale LLC treated as
the acquirer. This determination reflects Legacy NuScale Equityholders holding a
majority of the voting power of NuScale Corp, NuScale LLC's pre-merger
operations being the majority post-merger operations of NuScale Corp, and
NuScale LLC's management team retaining similar roles at NuScale Corp.
Accordingly, although NuScale Corp is the legal parent company, GAAP dictates
that the financial statements of NuScale Corp will represent a continuation of
NuScale LLC's operations, with the Transaction being treated as though NuScale
LLC issued ownership interests for NuScale Corp, accompanied by a
recapitalization. The net assets of NuScale LLC are stated at
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Custo histórico, sem acréscimo de ágio ou outros intangíveis registrados dos efeitos da fusão com Spring Valley.

The following table provides the historical cost of the assets and liabilities
assumed as a result of the transaction:
Cash                      $ 341,462
Warrant liabilities         (47,532)
  Total net assets        $ 293,930

Principais fatores que afetam nossas perspectivas e resultados futuros

We believe that our performance and future success depend on a number of factors
that present significant opportunities for us but also pose risks and
challenges, including competition from carbon-based and other non-carbon-based
energy generators, the risk of perceived safety issues and their consequences
for our reputation and the other factors discussed under the section titled
"Risk Factors" in Part II, 1A of this filing. We believe the factors described
below are key to our success.

Iniciando e expandindo lançamentos comerciais

In September 2020, we became the first and only company to receive NRC SDA for
an SMR. We believe our commercialization activities are being completed at a
pace that can support delivery of modules to a client site as early as 2027. We
have an agreement in place with UAMPS to deploy a NuScale 6-module power plant
at the DOE's Idaho National Laboratory as part of UAMPS' Carbon Free Power
Project ("CFPP"). Commercial operation of the first NPM is slated for 2029. In
November 2021, we signed a teaming agreement with S.N. Nuclearelectrica S.A., an
entity that operates under the authority of the Romanian Ministry of Energy, to
advance the deployment of our NPMs to Romania. Under the teaming agreement, we
will evaluate activities associated with the planning, siting and licensing of
our NuScale power plant technology at a site that is the location of an existing
coal-fueled electricity plant. We expect the site in Romania to use six modules
and to be commercially operable by 2028.
We have over 100 potential target customers, including, in addition to UAMPS,
ten customers across seven countries that we consider highly interested
customers who are considering an NPM power plant deployment in the late 2020s or
early 2030s. We believe the long lead-time involved with siting an SMR, the
number of customers in our pipeline and the work being performed by these
potential customers involving a NuScale deployment project bode well for our
potential future success.
Regulatory Approvals
We expect to submit an application to the NRC for our latest power enhanced
design. If approved, the licensed output of our NPM will be raised from 50 MWe
to 77 MWe. Approval of the design, which could come in 2024, would increase the
cost-competitiveness of our NPM, and we consider obtaining such approval a
critical milestone.
Other factors that we believe are critical to our future success are
country-level approvals of our NPM design. We also believe site-approvals by our
customers to be key to facilitating broader adoption of our products and
services. Obtaining these approvals before others is critical in maintaining our
competitive advantage.

Implementação bem-sucedida da primeira usina NPM

A critical step in our success will be the successful construction and operation
of the first power plant using our NPM. We expect that the first NPM for the
UAMPS facility could be operational as early as 2029 with the remaining five
modules achieving commercial operation in 2030.

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índice

resultados das operações

(in thousands, except share and per
share amounts)                                Three Months Ended September 30,          Nine Months Ended September 30,
                                                  2022                2021                  2022                   2021
Revenue                                       $    3,172          $     297          $          8,366          $   1,333
Cost of sales                                     (1,749)              (156)                   (4,693)              (807)
  Gross margin                                     1,423                141                     3,673                526
Research and development expenses                 34,317             26,370                    87,325             66,021
General and administrative expenses               18,473             13,686                    44,436             32,524
Other expenses                                    14,731              5,921                    34,524             25,222
  Loss from operations                           (66,098)           (45,836)                 (162,612)          (123,241)
Department of Energy cost share                   18,377             18,839                    64,016             50,408
Increase (decrease) in fair value of
warrant liabilities                               (2,833)                 -                     3,287                  -
Other cost share (interest expense)                  924               (104)                      926             (1,613)
  Loss before income taxes                    $  (49,630)         $ 

(27101) $ (94383) $(74.446)

em comparação com os três meses encerrados 30 de setembro de 2022 e 2021

ele ganhou

O aumento da receita foi atribuído às atividades de suporte da EPCDA ao programa CFPP, bem como aos serviços de consultoria na área de tecnologias nucleares.

pesquisa e desenvolvimento

Os gastos com P&D aumentaram como resultado de honorários profissionais mais altos associados ao trabalho de projeto de fábrica padrão US$ 7,6 milhões e custos de compensação US$ 0,4 milhão Como resultado do aumento do número de funcionários à medida que continuamos a expandir nossos esforços de licenciamento.

Público e administrativo

G&A expenses increased as a result of $3.1 million related to advertising and
marketing expenses, $4.0 of higher insurance costs and $1.1 million in
equity-based compensation, partially offset by a decrease of $3.4 million in
compensation costs.
Other

Outras despesas aumentaram como resultado US$ 6,8 milhões Nos custos de remuneração associados ao bônus de realização e remuneração baseada em ações US$ 1,4 milhão
e aumento das despesas com software e hardware US$ 0,5 milhão.

Comparando os nove meses encerrados 30 de setembro de 2022 e 2021

mudanças na oferta

Valores totais do ano anterior $ 1.055 Eles foram reclassificados de despesas gerais e administrativas para outras despesas de acordo com a apresentação do ano atual nas demonstrações consolidadas resumidas anexas de operações.

ele ganhou

O aumento da receita foi atribuído às atividades de suporte da EPCDA ao programa CFPP, bem como aos serviços de consultoria na área de tecnologias nucleares.

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índice

pesquisa e desenvolvimento

Os gastos com P&D aumentaram devido $ 17,7 milhões de honorários profissionais associados ao trabalho de projeto de planta padrão e custos de compensação 3,3 milhões de dólares Como resultado do aumento do número de funcionários à medida que continuamos a expandir nossos esforços de licenciamento.

Público e administrativo

G&A expenses increased as a result of $3.3 million in compensation costs due to
an increase in headcount, $4.5 million in insurance costs, $2.7 million in
equity-based compensation, and $1.4 million in marketing and advertising costs
as we continue to build brand recognition across the globe.

senão

Outras despesas aumentaram como resultado US$ 7,1 milhões Dos custos de remuneração mais altos associados ao bônus de realização, a remuneração baseada em ações de US$ 0,7 milhão e software, hardware e despesas gerais superiores US$ 1,3 milhão.

Divisão de participação no custo de energia

o Ministério da Energia aumento de custo de ações $ 13,6 milhões Reflete maiores custos de qualificação incorridos.

Liquidez e recursos de capital

Liquidez

Medimos a liquidez em termos de nossa capacidade de financiar as necessidades de caixa de atividades de pesquisa e desenvolvimento e operações comerciais de curto prazo, incluindo nossas obrigações contratuais e outras. Nossas necessidades atuais de liquidez incluem principalmente atividades de pesquisa e desenvolvimento para o desenvolvimento contínuo de NPM e projeto de planta associado.

We had $268.6 million in cash and cash equivalents as of September 30, 2022,
compared to $77.1 million as of December 31, 2021, as well as $50.0 million in
short-term investments that will mature in the first quarter of 2023. We had no
debt as of September 30, 2022, compared to $14.0 million as of December 31,
2021, (which was converted into equity in conjunction with the Transaction). The
Transaction resulted in NuScale receiving cash in the amount of $341.5 million,
consisting of $235.0 million in PIPE funding and $145.5 million in cash in
trust, partially offset by transaction costs of $39.1 million.
Since NuScale's inception, we have incurred significant operating losses; we
have had negative operating cash flow during the three and nine months ended
September 30, 2022 and 2021; and we have an accumulated deficit of $169.5
million as of September 30, 2022. Management expects that operating losses and
negative cash flows may increase because of additional costs and expenses
related to the development of technology and the development of market and
strategic relationships with other companies.
To date, we have not generated any material revenue. We do not expect to
generate any meaningful revenue unless and until we are able to commercialize
our NPM and related services. We expect our costs to increase in connection with
advancement of our products and services toward commercialization. In addition,
with the completion of the Transaction, we expect to incur additional costs
associated with operating as a public company. While we believe that the
proceeds of the Transaction will be sufficient to reach commercialization of our
NPM, certain costs are not reasonably estimable at this time and we may require
additional funding and our projections anticipate certain customer-sourced
income that is not assured.
We believe that based on our current level of operating expenses and currently
available cash resources, we will have sufficient funds available to cover R&D
activities and operating cash needs for several years. However, considering that
we have not yet completed the development of a commercial product and have no
meaningful revenue to date, we may require additional funds in future years. Our
ability to raise funds through equity offerings may be limited by the
significant number of shares that may be publicly sold, including the shares
registered for resale under the Registration Statement on Form S-1 that was
declared effective by the SEC on June 30, 2022. Such sales may negatively affect
the market price of our shares of Class A common stock. In particular, a large
sale by Fluor, our majority shareholder, could significantly
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affect our stock price. We believe the likelihood that Warrant holders will
exercise their Warrants, and therefore the amount of cash proceeds that we would
receive from such exercises, depends on the trading price of our shares of Class
A common stock, which from time to time, has exceeded the $11.50 Warrant
exercise price, before the Warrants expire. In certain circumstances, the
Warrants can be exercised on a cashless basis. Our ability to fund R&D
activities and our operating cash needs for several years does not depend on the
proceeds we may receive as the result of exercises of Warrants.

Demonstração resumida dos fluxos de caixa para os nove meses encerrados 30 de setembro de 2022 e 2021

A tabela a seguir mostra as principais fontes e usos de caixa, equivalentes de caixa e caixa restrito para os períodos apresentados abaixo:

                                                                      Nine Months Ended September 30,
(in thousands)                                                            2022                2021
Net cash used in operating activities                                $  (104,728)           (73,389)
Net cash used in investing activities                                    (51,744)            (1,573)
Net cash provided by financing activities                                366,886            172,715

Aumento líquido em caixa e equivalentes de caixa e caixa restrito (a) $ 210.414 $ 97.753

(a) inclui $ 18.900 Dinheiro restrito

fluxos de caixa usados ​​em atividades operacionais

Our operating cash flow decreased during the nine months ended September 30,
2022 primarily as a result of the purchase of short-term investments, higher
cash payments for compensation costs and higher prepaids.

fluxos de caixa das atividades de investimento

In accordance with our investment policy, we purchased $50.0 million in 6 month
certificates of deposit during the nine months ended September 30, 2022. We had
no such purchases during the same period in 2021.

fluxos de caixa das atividades de financiamento

During the nine months ended September 30, 2022, net cash provided by financing
activities primarily consisted of proceeds from the Transaction and the exercise
of warrants and options, while the nine months ended September 30, 2021 included
$192.5 million in capital raised through sales of NuScale LLC preferred units
and $27.2 million of proceeds from debt issuance, partially offset by the
repayment of $47.5 million of debt to Fluor, our majority shareholder.

Obrigações e obrigações contratuais

A partir de 30 de setembro de 2022A empresa não tinha compromissos materiais ou obrigações contratuais.

arranjos de balanço

In conjunction with DOE Office of Nuclear Energy Award DE-NE0008935 with Utah
Associated Municipal Power Systems' ("UAMPS") wholly owned subsidiary, Carbon
Free Power Project LLC ("CFPP LLC"), we entered into a DCRA, pursuant to which
we are developing the NRC license application and performing other site
licensing and development activities. Under the DCRA, we may be obligated to
refund to UAMPS a percentage of its net development costs up to a specified cap,
which varies based on the stage of project development, if certain performance
criteria are not met. The maximum reimbursement based on the current stage of
project development is $57,000. As of September 30, 2022 the net development
costs incurred by UAMPS totaled $15,627.
Under this agreement, the Company is required to have credit support to fund the
amount of its potential reimbursement of these net development costs. The letter
of credit requires the Company maintain a deposit in a demand account of a
minimum 105% of the aggregate amount available to be drawn under all letters of
credit outstanding. This account is included as Restricted cash in the amount of
$18,900, on the accompanying condensed consolidated balance sheet and acts
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as collateral for the $18,000 letter of credit covering the total net
development costs outstanding at September 30, 2022. This letter of credit is
required to be updated on a quarterly basis using an estimated net development
costs schedule agreed to by both parties.

políticas e estimativas contábeis significativas

Our financial statements have been prepared in accordance with GAAP. Preparation
of the financial statements requires our management to make a number of
judgments, estimates and assumptions relating to the reported amount of
expenses, assets and liabilities and the disclosure of contingent assets and
liabilities. We consider an accounting judgment, estimate or assumption to be
critical when (1) the estimate or assumption is complex in nature or requires a
high degree of judgment and (2) the use of different judgments, estimates and
assumptions could have a material impact on our financial statements. Our
significant accounting policies are described in Note 3 within our "Notes to the
Unaudited Condensed Consolidated Financial Statements". Additional information
about our critical accounting policies follows:

contas a receber

Accounts receivable includes reimbursement requests outstanding from DOE awards
and are recognized as eligible costs are incurred. Such treatment creates
symmetry with our incurrence of qualifying costs. Accounts receivable are
presented net of related deferred DOE cost share liabilities that have the right
of offset. We do assess the probability of collection from the DOE in
establishing the fair value of recorded amounts.

verificação de receita

We recognize fixed price contract revenue with multiple performance obligations
as each obligation is completed. We allocate the transaction price to each
performance obligation using an estimate of the stand-alone selling price of
each distinct service in the contract. Revenue recognized on contracts that have
not been billed to customers is classified as a current asset under Accounts
Receivable on the Balance Sheet. Amounts billed to clients in excess of revenue
recognized are classified as a current liability under Deferred Revenue.
We recognize time and material contracts revenue over time, matching continuous
transfer of control to the customer. We account for these contracts as a single
performance obligation and recognize revenue using the percentage-of-completion
("POC") method, based on contract cost incurred to date compared to total
estimated contract cost. The POC method (an input method) is the most faithful
depiction of our performance because it directly measures the value of the
services transferred to the customer. Changes to total estimated contract cost
or losses, if any, are recognized in the period in which they are determined as
assessed at the contract level. Pre-contract costs are expensed as incurred
unless they are expected to be recovered from the client.
We exclude all taxes assessed by governmental authorities from our measurement
of transaction prices that are both (i) imposed on and concurrent with a
specific revenue-producing transaction and (ii) collected from customers.
Accordingly, such tax amounts are not included as a component of revenue or cost
of sales.

Geralmente oferecemos garantias limitadas para o trabalho realizado sob nossos contratos de engenharia. Os períodos de garantia geralmente se estendem por um período limitado após a conclusão real do nosso trabalho.

Because our SMR is designed to be sold on a modular basis, we are limited under
U.S. GAAP in our ability to recognize revenue on a POC basis. Other companies
with a less-standardized approach might be able to use POC, which would have the
effect of accelerating their recognition of profit ahead of us, given our use of
completed contract accounting.

Remuneração baseada em ações

Equity-based compensation is measured using a fair value-based method for all
equity based awards. The cost of awarded equity instruments is recognized based
on each instrument's grant-date fair value over the period during which the
grantee is required to provide service in exchange for the award. The
determination of fair value requires significant judgment and the use of
estimates, particularly with regard to Black-Scholes assumptions such as stock
price volatility and expected option lives to value equity-based compensation.
Equity-based compensation is recorded as a general and administrative expense
and other expense in the statements of operations.
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We measure the fair value of each option grant at the date of grant using a
Black-Scholes option pricing model. We estimate the expected term of options
granted based on historical experience and expectations. We use the treasury
yield curve rates for the risk-free interest rate in the option valuation model
with maturities similar to the expected term of the options. Volatility is
determined by reference to the actual volatility of several publicly traded
companies that are similar to us in our industry sector. We do not anticipate
paying any cash dividends in the foreseeable future and therefore use an
expected dividend yield of zero in the option valuation model. Forfeitures are
recognized as they occur. All equity-based payment awards subject to graded
vesting based only on a service condition are amortized on a straight-line basis
over the requisite service periods.
There is substantial judgment in selecting the assumptions which we use to
determine the fair value of such equity awards and other companies could use
similar market inputs and experience and arrive at different conclusions with
respect to those used to calculate fair value. Using alternative assumptions
could cause there to be differences in the resulting fair value. If the fair
value were to increase, the amount of expense that would result would also
increase. Conversely, if the fair value were to decrease, the amount of expense
would decrease.

Eleições contábeis para uma empresa emergente em crescimento

Section 102(b)(1) of the JOBS Act exempts EGCs from being required to comply
with new or revised financial accounting standards until private companies are
required to comply with the new or revised financial accounting standards. The
JOBS Act provides that a company can elect not to take advantage of the extended
transition period and comply with the requirements that apply to non-EGCs, and
any such election to not take advantage of the extended transition period is
irrevocable. We expect to be an EGC at least through the end of 2022 and will
have the benefit of the extended transition period. We intend to take advantage
of the benefits of this extended transition period.

Demonstrações contábeis modernas

A Administração acredita que não há novas diretrizes contábeis emitidas, mas ainda não vigentes, que tenham impacto relevante nas demonstrações financeiras atuais da Companhia.

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