NuScale Power Reports Third Quarter 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 third quarter ended September 30, 2025.
“NuScale is honored that our technology was selected for ENT RA1 ’ s hist oric agreement with the Tennessee Valley Authority which marks the largest SMR deployment program in U.S. history,” said John Hopkins, NuScale President and Chief Executive Officer. “This program underscores how, as the first and only SMR technology provider to obtain U.S. Nuclear Regulatory Commission design approval, NuScale is leading the industry and is ready for commercial deployment. We look forward to continuing to work with our global strategic partner ENTRA1 on commercializing and deploying NuScale Power Modules (“NPMs”)™ into ENTRA1 Energy Plants™ to meet America’s demand for reliable, carbon-free baseload power for AI data centers, critical mining, semiconductor manufacturing, and other key energy-intensive industries that are driving our nation’s economic future.”
Liquidity & Capital Resources
Comparison of the Three Months Ended September 30, 2025 and September 30, 2024
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 website 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 Partnership Milestones Agreement, 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 for commercial SMRs; 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 investors and 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; resales of a majority of our shares that are or will be outstanding may cause the price of our stock to drop; risks related to our largest stockholder; additional sales of our common stock or exercise of our options could result in dilution to our stockholders; we have and may in the future be subject to short selling strategies; and our ability to remediate the material weakness in our financial reporting. 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, 2024 and our Quarterly Reports on Form 10-Q 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
Condensed Consolidated Balance Sheet (Unaudited)
(in thousands, except share and per share amounts)
September 30,
2025
December 31,
2024
ASSETS
Current Assets
Cash and cash equivalents
$
407,585
$
401,556
Short-term investments
284,200
40,000
Restricted cash
5,100
5,100
Prepaid expenses
7,746
3,377
Accounts and other receivables, net (2025 - $5,186; 2024 - $3,655 from related party)
15,187
21,104
Total current assets
719,818
471,137
Property, plant and equipment, net
2,118
2,421
In-process research and development
16,900
16,900
Intangible assets, net
571
704
Goodwill
8,255
8,255
Long-lead material work in process
63,315
43,388
Investments
61,991
—
Other assets
10,167
1,868
Total Assets
$
883,135
$
544,673
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses
$
403,415
$
47,947
Accrued compensation
8,700
7,330
Long-lead material liability
32,323
32,327
Other accrued liabilities
560
1,356
Deferred revenue
630
762
Total current liabilities
445,628
89,722
Noncurrent liabilities
2,209
1,650
Deferred revenue
482
181
Total Liabilities
448,319
91,553
Stockholders’ Equity
Class A common stock, par value $0.0001 per share, 332,000,000 shares authorized, 167,595,781 and 122,842,474 shares outstanding as of September 30, 2025 and December 31, 2024, respectively
17
12
Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 130,817,571 and 154,254,663 shares outstanding as of September 30, 2025 and December 31, 2024, respectively
13
15
Additional paid-in capital
1,510,720
995,745
Accumulated deficit
(682,042
)
(377,077
)
Total Stockholders’ Equity Excluding Noncontrolling Interests
828,708
618,695
Noncontrolling interests
(393,892
)
(165,575
)
Total Stockholders' Equity
434,816
453,120
Total Liabilities and Stockholders' Equity
$
883,135
$
544,673
NuScale Power Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Revenue (2025 - $7,873 and $22,573; 2024 - $47 and $570 from related party)
$
8,242
$
475
$
29,671
$
2,821
Cost of sales
(5,533
)
(295
)
(18,179
)
(1,880
)
Gross Margin
2,709
180
11,492
941
Research and development expenses
11,054
12,160
31,987
37,447
General and administrative expenses
519,222
17,021
565,009
53,207
Other expenses (2025 - $0 and $0; 2024 - $0 and $108 from related party)
10,873
12,018
31,345
37,157
Loss From Operations
(538,440
)
(41,019
)
(616,849
)
(126,870
)
Sponsored cost share
33
660
117
6,504
Change in fair value of warrant liabilities
—
(7,191
)
—
(52,969
)
Investment income
5,761
2,008
16,424
5,275
Loss Before Income Taxes
(532,646
)
(45,542
)
(600,308
)
(168,060
)
Foreign income taxes
—
12
342
12
Net Loss
(532,646
)
(45,554
)
(600,650
)
(168,072
)
Net loss attributable to noncontrolling interests
(259,327
)
(28,095
)
(295,685
)
(106,424
)
Net Loss Attributable to Class A Common Stockholders
$
(273,319
)
$
(17,459
)
$
(304,965
)
$
(61,648
)
Loss per Share of Class A Common Stock:
Basic and Diluted
$
(1.85
)
$
(0.18
)
$
(1.37
)
$
(0.70
)
Weighted-Average Shares of Class A Common Stock Outstanding:
Basic and Diluted
147,685,584
95,197,500
223,201,115
88,137,939
NuScale Power Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
2025
2024
OPERATING CASH FLOW
Net Loss
$
(600,650
)
$
(168,072
)
Adjustments to reconcile net loss to operating cash flow:
Depreciation and amortization
911
1,419
Equity-based compensation expense
14,495
10,442
Disposal of property, plant and equipment
46
57
Impairment of intangible asset
—
71
Gain on insurance proceeds received for damage to property, plant and equipment
—
(122
)
Change in fair value of warrant liabilities
—
52,969
Other changes in assets and liabilities:
Prepaid expenses and other assets
(12,149
)
8,474
Accounts and other receivables (2025 - $(1,531); 2024 - $2,642 from related party)
5,916
2,157
Long-lead material work in process
(19,927
)
(5,248
)
Long-lead material liability
(4
)
741
Accounts payable and accrued expenses (2025 - $0; 2024 - $2,847 from related party)
354,072
(2,044
)
Nonrefundable customer deposit
—
20,000
Net change in right of use assets and lease liabilities
(156
)
(1,476
)
Deferred revenue
169
(820
)
Accrued compensation
1,371
(797
)
Net Cash Used in Operating Activities
(255,906
)
(82,249
)
INVESTING CASH FLOW
Proceeds from sale of short-term investments
102,788
—
Proceeds from sale of investments
43,976
—
Purchase of short-term investments
(346,988
)
(45,000
)
Purchase of investments
(105,967
)
—
Purchase of property, plant and equipment
(141
)
—
Insurance proceeds received for damage to property, plant and equipment
—
195
Net Cash Used in Investing Activities
(306,332
)
(44,805
)
FINANCING CASH FLOW
Proceeds from the issuance of common stock, net of issuance fees
562,370
103,842
Proceeds from exercise of common share options
5,897
14,575
Net Cash Provided by Financing Activities
568,267
118,417
Net Change in Cash, Cash Equivalents and Restricted Cash
6,029
(8,637
)
Cash, cash equivalents and restricted cash:
Beginning of period
406,656
125,365
End of period
$
412,685
$
116,728
Summary of Noncash Investing and Financing Activities:
Accrued foreign income tax withholding to noncontrolling interests
$
416
$
—
Plant, property and equipment in accounts payable
380
—
Supplemental disclosures of cash flow information:
Foreign income taxes paid
$
1,600
$
3,212