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NuScale Power (NYSE: SMR) Gains 3.7% After Hours As $1 Billion Share Offering Weighs On Investors
['David Prior']
Foreign Policy Journal
NuScale Power Corporation (NYSE: SMR) closed Friday’s regular session up 3.7% at $9.82, even as quarterly revenue collapsed to near zero and dilution concerns mounted.
NuScale finalized its $1 billion at-the-market offering in June, issuing 89.7 million shares at an average price of $11.14, causing Class A shares outstanding to rise 28.9% since December.
Revenue declined sharply after Fluor Corporation (NYSE: FLR) completed its engineering project, with Fluor having accounted for 92% of NuScale’s quarterly revenue in the prior year.
The loss per share came in at 13 cents, in line with analyst forecasts, offering little reassurance to investors already weighing the pace of the company’s cash consumption.
Nuclear-related stocks broadly posted gains on Friday, with Oklo Inc. (NYSE: OKLO) climbing 14.8%, Cameco Corporation (NYSE: CCJ) rising 4.1%, and BWX Technologies Inc. (NYSE: BWXT) advancing 1.9%.