On Monday, the renowned NuScale Power Corp (ticker: SMR) revealed its move towards significant staff cutbacks aimed at drastic annual cost reductions.
The company disclosed a total reduction of 154 full-time employees, accounting for approximately 28% of its full-time staff.
NuScale Power Corp foresees these strategic measures resulting in annualized savings of around $50 million-$60 million, with estimated severance costs of about $3 million in Q1.
These actions underscore the company’s commitment to propelling revenue-generating projects, obtaining new orders, and steering itself towards long-term growth.
John Hopkins, President and CEO of NuScale, emphasized, “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 is undertaking measures to shift from research and development to commercialization, directing its resources towards pivotal strategic areas.
In October, SMR reported Q3 revenue of $6.95 million, missing the consensus of $19.07 million.
Price Action: SMR shares closed 1.53% lower at $2.580 on Monday.
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