NYSE:SMR
NUSCALE POWER Corp
A developer of compact modular nuclear reactors targeting scalable clean energy solutions for grid stability and industrial applications.
Key Metrics
Investment Thesis
Bull Case
NUSCALE holds a unique technological moat with its passively safe modular reactor design, positioning it as a potential leader in the next wave of nuclear energy expansion. Successful regulatory approval could unlock a massive addressable market for clean baseload power, turning the current cash burn into a high-return investment once commercialization begins. The company's substantial cash reserves and successful capital raises provide a runway to navigate the lengthy certification process.
Bear Case
The company is currently burning through cash at a rate that exceeds its operational revenue, with a net loss of $664.5M against only $31.5M in revenue for 2025. There is no near-term path to profitability without significant government subsidies or successful large-scale contract wins, making it a speculative hold dependent on regulatory outcomes. The lack of diversified revenue streams and heavy reliance on a single product line amplifies the risk of total failure if certification is delayed or denied.
About NUSCALE POWER Corp
NUSCALE POWER Corp is a leading developer of compact modular reactors (SMRs) designed to provide scalable, safe nuclear energy solutions for diverse markets including grid power, industrial process heat, and remote communities. The company focuses on its proprietary NuScale design, which emphasizes passive safety features and small footprints to facilitate rapid deployment in various jurisdictions. With significant capital raised through financing activities, the firm aims to advance construction and commercialization of its reactor technology.
Analysis
Management Discussion
Despite generating positive cash flow from financing activities of $1.31B, the company recorded a net loss of $664.5M in 2025, driven by high operating expenses of $701.0M and negative operating cash flow of $459.6M. While revenue grew from $11.8M in 2022 to $31.5M in 2025, the widening loss indicates that the company is still heavily invested in R&D and certification efforts before reaching commercial profitability.
Industry Overview
The global nuclear energy sector is experiencing a renaissance driven by climate change goals and the need for reliable baseload power to complement intermittent renewable sources like wind and solar. Small Modular Reactors are emerging as a critical solution to overcome the high capital costs and long timelines of traditional large-scale nuclear plants, attracting significant interest from governments and utilities worldwide.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $11.8M | $22.8M | $37.0M | $31.5M |
| Cost of Revenue | $7.3M | $19.0M | $4.9M | $20.0M |
| Gross Profit | $4.5M | $3.8M | $32.1M | $11.4M |
| Operating Expenses | $234.5M | $279.4M | $170.8M | $701.0M |
| Operating Income | $-230.0M | $-275.6M | $-138.7M | $-689.6M |
| R&D | $123.4M | $156.1M | $46.8M | $45.5M |
| G&A | $63.1M | $65.4M | $75.9M | $609.8M |
| Stock-Based Comp | $9.3M | $16.2M | $13.6M | $19.2M |
| Depreciation | $2.5M | $2.4M | $1.7M | $1.0M |
| Amortization | $177.0K | $177.0K | $177.0K | $177.0K |
| Other OpEx | $48.0M | $58.0M | $48.1M | $45.6M |
| Non-Operating Income | $88.4M | $95.5M | $-207.7M | $25.5M |
| Pre-Tax Income | $-141.6M | $-180.1M | $-346.5M | $-664.1M |
| Income Tax | $0 | $0 | $1.9M | $322.0K |
| Continuing Ops | $-141.6M | $-180.1M | $-348.4M | $-664.4M |
| Discontinued Ops | $0 | $0 | $0 | $-20.0K |
| Net Income | $-141.6M | $-180.1M | $-348.4M | $-664.5M |
| Minority Interest | $-84.5M | $-121.8M | $-211.8M | $-308.7M |
| Net to Common | $-57.1M | $-58.4M | $-136.6M | $-355.8M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $284.4M | $154.5M | $471.1M | $1.27B |
| Cash & Equivalents | $217.7M | $120.3M | $401.6M | $836.4M |
| Marketable Securities | $50.0M | $0 | $40.0M | $417.8M |
| Accounts Receivable | $11.2M | — | — | — |
| Other Current Assets | $5.5M | $34.3M | $29.6M | $18.4M |
| Long-Term Assets | $64.2M | $70.3M | $73.5M | $139.9M |
| PP&E (Net) | $4.8M | $4.1M | $2.4M | $1.9M |
| Intangibles | $1.1M | $882.0K | $704.0K | $527.0K |
| Goodwill | $8.3M | $8.3M | $8.3M | $8.3M |
| Operating Leases | $3.9M | $2.6M | — | — |
| LT Investments | — | — | — | $33.0M |
| Other LT Assets | $46.3M | $54.5M | $62.2M | $96.3M |
| Total Assets | $348.6M | $224.9M | $544.7M | $1.41B |
| Current Liabilities | $38.6M | $87.5M | $89.7M | $296.1M |
| Current Leases | $1.6M | $1.5M | — | — |
| Deferred Revenue | — | — | $762.0K | $613.0K |
| Other Current Liab | $37.0M | $86.0M | $89.0M | $295.4M |
| Long-Term Liabilities | $33.0M | $8.1M | $1.8M | $2.9M |
| LT Operating Leases | $2.8M | $1.4M | — | — |
| Other LT Liab | $29.3M | $5.7M | $1.6M | $2.6M |
| Total Liabilities | $71.5M | $95.5M | $91.6M | $299.0M |
| Shareholders' Equity | $277.1M | $129.3M | $453.1M | $1.11B |
| Paid-In Capital | $296.7M | $333.9M | $995.7M | $1.90B |
| Retained Earnings | $-182.1M | $-240.5M | $-377.1M | $-732.9M |
| Total L&E | $348.6M | $224.9M | $544.7M | $1.41B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-141.6M | $-180.1M | $-348.4M | $-664.5M |
| Non-Cash Adjustments | $-15.1M | $-28.4M | $241.2M | $-41.5M |
| Working Capital Changes | $8.0M | $25.2M | $-1.5M | $246.4M |
| Cash from Operations | $-148.6M | $-183.3M | $-108.7M | $-459.6M |
| Capital Expenditures | $2.3M | $1.7M | $44.0K | $508.0K |
| Cash from Investing | $-52.3M | $48.3M | $-39.8M | $-411.3M |
| Debt Issuances | $0 | — | — | — |
| Share Buybacks | $566.0K | $0 | $0 | — |
| Cash from Financing | $368.1M | $16.1M | $429.8M | $1.31B |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $167.1M | $-118.9M | $281.3M | $434.9M |
| Beginning Cash | $77.1M | $244.2M | $125.4M | $406.7M |
| Ending Cash | $244.2M | $125.4M | $406.7M | $841.5M |
Frequently Asked Questions
How does NUSCALE POWER Corp make money?
Revenue is primarily derived from government contracts for Small Modular Reactor (SMR) design certification and licensing fees, supplemented by potential partnerships with utilities for deployment projects. The company also generates income from intellectual property licensing and R&D grants associated with advanced nuclear technology development.
What are the main risks for SMR?
The company faces substantial regulatory uncertainty as it awaits final approval of its SMR design certification in the US, which could be delayed by years or denied entirely. Intense competition from other SMR developers and traditional utility nuclear projects poses a threat to securing long-term off-take agreements for its reactors. The significant cash burn rate and reliance on external financing to fund R&D and capital expenditures create liquidity risks given the current interest rate environment.
What is SMR's competitive advantage?
The NuScale SMR design features unique passive safety systems that require no active operator intervention during a loss of coolant accident, significantly reducing accident risk compared to traditional reactors. The compact modular footprint allows for factory fabrication and rapid on-site deployment, minimizing construction time and costs while enabling scalable power output from 50MW to over 2GW.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.