NuScale Power (SMR) Q2 2025 earnings summary

Executive summary

• Achieved second NRC approval for 77 MWe SMR design ahead of schedule, making it the only SMR technology with two NRC approvals and modules in production, and enabling U.S. customers to pursue construction and operation.

• Strategic partnership with ENTRA1 for global commercialization, with anticipated firm orders by end of 2025 and main customer RoPower advancing a six-module plant in Romania.

• Strong regulatory and bipartisan support, including executive orders and multi-billion dollar funding, are accelerating advanced nuclear deployment.

• Focused on U.S.-based customers and Romania's RoPower project, with growing interest from hyperscalers, utilities, and government.

• Transitioned from R&D to commercialization, with increased business development and legal costs.

Financial highlights

• Q2 2025 revenue was $8.1 million, up from $1 million year-over-year, driven by engineering and licensing fees from the RoPower project.

• Total equity and capital resources at $489.9 million as of June 30, 2025, with cash and investments ranging from $297.7 million to $489.9 million reported.

• Operating expenses for Q2 2025 were $44.9 million, up from $42 million year-over-year, with quarterly OpEx below 2023 average and methodical increases expected.

• Net loss for Q2 2025 was $37.6 million, improved from $74.4 million in Q2 2024; gross margin for Q2 2025 was $1.8 million.

• Fully diluted shares outstanding totaled 294.5 million as of June 30, 2025.

Outlook and guidance

• Operating expenses expected to increase in H2 2025 as long-lead material purchases ramp up for manufacturing and supply chain readiness.

• Targeting hard contracts with U.S.-based customers by end of 2025; RoPower FID now expected in late 2026.

• Management expects current cash resources to cover R&D and operating needs for at least the next twelve months, but additional customer commitments are needed for long-term sustainability.

• Positioned for commercialization with two NRC design approvals and partnerships to deploy SMR technology globally.

• Strategic focus on expanding market reach and supporting global energy transition with scalable, carbon-free solutions.