NuScale Power Reports Fourth Quarter and Full Year 2025 Results
CORVALLIS, Ore.--( BUSINESS WIRE)--NuScale Power Corporation (NYSE: SMR) (“NuScale”, “NuScale Power” or the “Company”), the industry-leading provider of proprietary and innovative advanced SMR nuclear technology, today announced results for the fourth quarter and full year ended December 31, 2025.
“For NuScale, 2025 was a breakthrough year, in which we further solidified our position as the SMR industry’s first mover,” said John Hopkins, NuScale President and Chief Executive Officer. “We made meaningful progress toward commercialization, with our exclusive global commercialization partner, ENTRA1, reaching a nonbinding collaborative agreement with TVA to deploy up to 6 gigawatts of NuScale small modular reactor (“SMR”) capacity across TVA’s seven-state service region. Furthermore, we remain the first and only SMR technology to have received design approval from the U.S. Nuclear Regulatory Commission, including our uprated 77 MWe NuScale Power Module TM (“NPM”), placing us at the forefront of advanced nuclear.”
Hopkins continued: “Looking to the future of clean energy, we also released the results of a study that demonstrated that our NPMs can help industries that use process steam and electricity in a reliable and profitable manner, validating a promising path for powering commercial chemical plants. As we move into 2026, our primary focus will be on the commercialization of our SMR technology, including ensuring full readiness for the manufacturing of our first NPM.”
Liquidity & Capital Resources
Financial Update
Conference Call:
NuScale will host a conference call today at 5:00 p.m. ET. A live webcast of the presentation will be available by dialing (888) 550-5460 with conference ID 4347254 or by visiting the Quarterly Results page of the Company’s website.
A replay of the webcast will be available for 30 days.
About NuScale Power
Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power Module™, the Company’s groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.
As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.
To learn more, visit NuScale Power’s websit e or follow us on LinkedIn, Facebook, Instagram, X, and YouTube.
Forward Looking Statements
This release contains forward-looking statements (including without limitation statements containing words such as "will," "believes," "expects," “anticipates,” "plans" or other similar expressions). These forward-looking statements include statements relating to our strategic and operational plans, expectations (including regarding our market positioning, our progress toward deploying our technology, the RoPower plant, the market for nuclear energy and providing energy technology for communities around the world), future growth, and the outlook of our business.
Actual results may differ materially as a result of a number of factors, including, among other things, our liquidity and ability to raise capital; requirements under our Tax Receivable Agreement; our ability to enter into binding contracts with customers to deliver NPMs; competition from other nuclear reactor technologies; delays in the development and manufacturing of NPMs and related technology; the possibility that we may incur losses in the future and may not be able to achieve or maintain profitability; the cost of electricity generated from nuclear sources or our NPMs may not be cost competitive; the market for SMRs is not yet established and may not achieve growth as expected; our dependence on our relationships with ENTRA1, Fluor and other strategic partners; risks related to the Partnership Milestones Agreement with ENTRA1; our ability to manage our growth effectively; our need for additional funding in the future; manufacturing and construction issues; loss of government funding; the politically sensitive environment we operating in and the public perception of nuclear energy; our dependence on senior management and other highly skilled personnel; our ability to obtain design approvals internationally; our customers’ ability to obtain required regulatory approvals on a timely basis or at all; compliance with environmental laws and evolving government laws and regulations; the impact of changing trade policies and new or increased tariffs; risks related to cybersecurity; changes in tax laws; existing or future litigation and regulatory proceedings; our ability to protect our intellectual property; our limited number of authorized shares available for issuance; the price of our Class A common stock may be volatile; additional sales of our common stock or exercise of our options could result in dilution to our stockholders; and we have and may in the future be subject to short selling strategies. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, our results may differ materially from its expectations and projections.
Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission (the “SEC”), including the general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and in subsequent filings we make with the SEC. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at ir@nuscalepower.com. The Company disclaims any intent or obligation other than as required by law to update or revise any forward-looking statements.
NuScale Power Corporation
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31,
2025
December 31,
2024
ASSETS
Current Assets
Cash and cash equivalents
$
836,417
$
401,556
Short-term investments
417,800
40,000
Restricted cash
5,100
5,100
Prepaid expenses
4,877
3,377
Accounts and other receivables, net (2025 - $5,452; 2024 - $3,655 from related party)
8,378
21,104
Total current assets
1,272,572
471,137
Property, plant and equipment, net
1,924
2,421
In-process research and development
16,900
16,900
Intangible assets, net
527
704
Goodwill
8,255
8,255
Long-lead material work in process
63,767
43,388
Investments
32,954
—
Other assets
15,613
1,868
Total Assets
$
1,412,512
$
544,673
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses
$
286,515
$
47,947
Accrued compensation
8,280
7,330
Long-lead material liability
—
32,327
Other accrued liabilities
648
1,356
Deferred revenue
613
762
Total current liabilities
296,056
89,722
Deferred revenue
335
181
Noncurrent liabilities
2,570
1,650
Total Liabilities
298,961
91,553
Stockholders' Equity
Class A common stock, par value $0.0001 per share, 662,000,000 shares authorized, 318,480,601 and 122,842,474 shares issued and outstanding as of December 31, 2025 and 2024, respectively
32
12
Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 19,413,185 and 154,254,663 shares issued and outstanding as of December 31, 2025 and 2024, respectively
2
15
Additional paid-in capital
1,901,678
995,745
Accumulated deficit
(732,871
)
(377,077
)
Total Stockholders' Equity Excluding Noncontrolling Interests
1,168,841
618,695
Noncontrolling interests
(55,290
)
(165,575
)
Total Stockholders' Equity
1,113,551
453,120
Total Liabilities and Stockholders' Equity
$
1,412,512
$
544,673
NuScale Power Corporation
Consolidated Statements of Operations
Year Ended December 31,
(in thousands, except share and per share amounts)
2025
2024
2023
Revenue (2025 - $23,921; 2024 - $4,225; 2023 - $16,897 from related party)
$
31,479
$
37,045
$
22,810
Cost of sales
(20,048
)
(4,937
)
(18,961
)
Gross margin
11,431
32,108
3,849
Research and development expenses
45,532
46,817
156,050
General and administrative expenses
609,825
75,901
65,404
Other expenses (2025 - $0; 2024 - $767; 2023 - $32,875 from related party)
45,645
48,115
57,960
Loss from operations
(689,571
)
(138,725
)
(275,565
)
Sponsored cost share
149
6,884
61,031
Change in fair value of warrant liabilities
—
(222,999
)
23,627
Investment income
25,302
8,388
10,792
Loss before income taxes
(664,120
)
(346,452
)
(180,115
)
Foreign income taxes
342
1,935
—
Net loss
(664,462
)
(348,387
)
(180,115
)
Net loss attributable to noncontrolling interests
(308,668
)
(211,764
)
(121,753
)
Net Loss Attributable to Class A Common Stockholders
$
(355,794
)
$
(136,623
)
$
(58,362
)
Loss Per Share of Class A Common Stock:
Basic and Diluted
$
(2.17
)
$
(1.47
)
$
(0.80
)
Weighted-Average Shares of Class A Common Stock Outstanding:
Basic and Diluted
163,731,673
93,249,872
73,386,018
NuScale Power Corporation
Consolidated Statements of Cash Flows
Year Ended December 31,
(in thousands)
2025
2024
2023
OPERATING CASH FLOW
Net loss
$
(664,462
)
$
(348,387
)
$
(180,115
)
Adjustments to reconcile net loss to operating cash flow:
Depreciation
1,004
1,665
2,380
Amortization of intangibles
177
177
177
Equity-based compensation expense
19,160
13,642
16,239
Provision for credit losses
—
1,000
—
Change in fair value of warrant liabilities
—
222,999
(23,627
)
Loss on disposal of property, plant and equipment
—
(122
)
—
Impairment of intangible asset
—
71
797
Other changes in assets and liabilities:
Prepaid expenses and other assets
(15,722
)
16,413
(10,043
)
Accounts and other receivables (2025 - $(1,797); 2024 - $(1,013) and 2023 - $(1,134) from related party)
9,553
(11,977
)
1,072
Long-lead material work in process
(17,206
)
(7,017
)
(36,361
)
Accounts payable and accrued expenses (2025 - $0; 2024 - $(4,080) and 2023 - $(3,614) from related party)
238,363
5,717
18,246
Long-lead material liability
(32,327
)
4
32,323
Lease liability
895
(1,680
)
(4,061
)
Deferred revenue
5
45
42
Accrued compensation
950
(1,216
)
(323
)
Net Cash Used in Operating Activities
(459,610
)
(108,666
)
(183,254
)
INVESTING CASH FLOW
Proceeds from sale of short-term investments
164,188
25,000
50,000
Proceeds from sale of investments
91,903
—
—
Purchase of short-term investments
(541,988
)
(65,000
)
—
Purchase of investments
(124,857
)
—
—
Insurance proceeds for property, plant and equipment
—
195
—
Purchases of property, plant and equipment
(508
)
(44
)
(1,725
)
Net Cash (Used) Provided by Investing Activities
(411,262
)
(39,849
)
48,275
FINANCING CASH FLOW
Proceeds from the issuance of common stock, net of issuance fees
1,299,734
204,648
9,836
Proceeds from exercise of warrants
—
205,375
—
Proceeds from exercise of common stock options
6,415
22,405
6,291
Foreign income tax withholding to NCI interests
(416
)
(2,622
)
—
Net Cash Provided by Financing Activities
1,305,733
429,806
16,127
Net Change in Cash, Cash Equivalents and Restricted Cash
434,861
281,291
(118,852
)
Cash, cash equivalents and restricted cash:
Beginning of period
406,656
125,365
244,217
End of period
$
841,517
$
406,656
$
125,365
Summary of noncash investing and financing activities:
Warrants converted into equity
$
—
$
228,721
$
—
Supplemental disclosures of cash flow information:
Cash paid for income taxes
$
2,300
$
3,224
$
—