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SMR

NuScale Power Corporation

SMR

NuScale Power Corporation • NYSE
$19.85 ▲ 4.25% (+0.81)
Market Cap $5.92 B
52w High $57.42
52w Low $11.08
Dividend Yield 0%
P/E -9.28
Volume 17.17M
Outstanding Shares 133.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.242M ▲ $541.149M ▲ $-273.319M ▼ -3.316K% ▼ $-1.85 ▼ $-532.353M ▼
Q2-2025 $8.054M ▼ $44.863M ▲ $-17.641M ▼ -219.034% ▼ $-0.13 ▼ $-42.777M ▼
Q1-2025 $13.375M ▼ $42.329M ▼ $-14.005M ▲ -104.71% ▲ $-0.11 ▲ $-35.014M ▼
Q4-2024 $34.224M ▲ $43.022M ▲ $-74.975M ▼ -219.071% ▲ $-0.77 ▼ $-8.196M ▲
Q3-2024 $475K $41.199M $-17.459M -3.676K% $-0.18 $-40.581M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $691.785M ▲ $883.135M ▲ $448.319M ▲ $828.708M ▲
Q2-2025 $420.746M ▼ $606.452M ▼ $107.59M ▲ $692.871M ▼
Q1-2025 $521.422M ▲ $618.098M ▲ $88.612M ▼ $704.008M ▲
Q4-2024 $441.556M ▲ $544.673M ▲ $91.553M ▼ $618.695M ▲
Q3-2024 $156.628M $253.284M $163.159M $160.069M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-273.319M ▼ $-199.799M ▼ $-154.113M ▲ $463.802M ▲ $109.89M ▲ $-199.94M ▼
Q2-2025 $-17.641M ▲ $-33.321M ▼ $-162.152M ▼ $1.746M ▼ $-193.727M ▼ $-33.254M ▼
Q1-2025 $-30.395M ▲ $-22.786M ▲ $9.933M ▲ $102.719M ▼ $89.866M ▼ $-22.853M ▲
Q4-2024 $-180.315M ▼ $-26.417M ▼ $4.956M ▲ $311.389M ▲ $289.928M ▲ $-26.461M ▼
Q3-2024 $-45.554M $-12.728M $-45M $38.422M $-19.306M $-12.728M

Revenue by Products

Product Q1-2025Q2-2025
Other
Other
 $0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement NuScale still looks like a development‑stage company rather than a mature utility. Revenue is very small and only creeping up, while operating costs remain heavy, mainly from engineering, development, and corporate overhead. That leads to sizable operating losses every year, and the core business is not yet close to break‑even. Some year‑to‑year swings in net loss appear tied to non‑operating items, but the underlying pattern is clear: this is a company investing heavily today for potential future projects, not one generating meaningful profit yet.

Balance Sheet

Balance Sheet The balance sheet is dominated by cash and other financial assets rather than physical plants, which fits a company still in the design and commercialization phase. Cash levels have recently increased significantly, likely reflecting capital raised after going public, and there is little to no financial debt, which reduces immediate interest pressure. Shareholders’ equity has moved from a weak position a few years ago to a clearly positive base, giving the firm some cushion to continue funding development. Overall, the balance sheet currently looks cleaner than many early‑stage industrial firms, but it is still highly dependent on future funding and project wins as cash is drawn down over time.

Cash Flow

Cash Flow The business is consistently burning cash from operations, with outflows tied mostly to salaries, engineering work, and general operating expenses rather than large physical investments. Because there is almost no spending on big fixed assets yet, free cash flow is essentially the same as operating cash flow and remains clearly negative. This means NuScale is reliant on external financing—equity raises, strategic investments, or advance payments from partners—to sustain its activities. The key question for the future is whether new contracts, partnerships, or government support can offset this burn before current cash reserves are materially reduced.

Competitive Edge

Competitive Edge NuScale has a distinctive position in nuclear: it is the first small modular reactor designer to secure full U.S. nuclear regulator approval, which is a real barrier for followers. Its design emphasizes passive safety, modularity, and factory fabrication, which—if executed as planned—could translate into meaningful advantages in safety perception, construction time, and cost predictability. A large patent portfolio and partnerships with major engineering and industrial firms add credibility and create some protection around its technology and routes to market. At the same time, the company faces intense competition from other SMR and advanced reactor developers worldwide, shifting energy policies, and the need to convince traditionally cautious customers to commit to first‑of‑a‑kind projects. Until a few full‑scale plants are operating reliably and economically, NuScale’s competitive edge will remain more promise than proven fact.

Innovation and R&D

Innovation and R&D NuScale is essentially an innovation‑driven engineering company wrapped in a utility label. It has spent many years and significant resources developing its small modular reactor design, focusing on passive safety, compact layout, and modular factory production. The technology is designed for multiple uses—grid power, industrial heat, hydrogen production, and desalination—which could diversify revenue sources if the core reactor platform succeeds. Current R&D and commercialization efforts appear centered on scaling the newer, higher‑output module, proving manufacturing at scale, and executing initial reference projects in the U.S. and overseas. The main innovation risk is not just the reactor physics, which regulators have already scrutinized, but whether NuScale can demonstrate real‑world cost, schedule, and reliability advantages versus other low‑carbon options.

Summary

NuScale looks less like a traditional utility and more like a long‑duration, high‑risk industrial technology story tied to nuclear energy. Financially, it remains pre‑profit with minimal revenue, ongoing operating losses, and steady cash burn, buffered for now by a strengthened, mostly debt‑free balance sheet. Strategically, the company holds a meaningful regulatory head start, a deep patent base, and strong partners, all centered on a modular nuclear design that targets multiple markets beyond just electricity. The big uncertainties are execution and funding: securing firm projects, building the first plants on time and on budget, and sustaining capital through a long build‑out cycle. Outcomes are likely to be driven by a few major project milestones and policy decisions rather than by incremental quarter‑to‑quarter financial performance.

NEWS

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November 6, 2025 · 4:15 PM UTC

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October 29, 2025 · 7:35 PM UTC

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October 28, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of NuScale Power Corporation - SMR

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