NuScale Power (SMR) Q4 2025 earnings summary

Executive summary

• Achieved NRC approval for 77 MW SMR design ahead of schedule, maintaining first-mover status in SMR technology.

• Advanced the largest U.S. nuclear deployment program with ENTRA1 and TVA, targeting up to 6 GW using NuScale technology, with a nonbinding agreement and four sites identified.

• Completed Phase 2 FEED study for RoPower's six-module SMR plant in Romania, marking a key milestone and generating $63.1 million in revenue over 18 months.

• Strengthened cash position to $1.3 billion at year-end 2025, supported by a $750 million capital raise in Q4 2025.

• Released studies validating SMR use for process steam and electricity in chemical plants, and launched an AI project at Oak Ridge to enhance fuel efficiency.

Financial highlights

• Reported 2025 revenue of $31.5 million, down from $37 million in 2024, mainly due to lower RoPower licensing revenue, partially offset by higher Fluor Phase 2 engineering revenue.

• Recognized $63.1 million in revenue from RoPower licensing and engineering work between Q2 2024 and Q4 2025.

• Cost of sales rose to $20 million from $4.9 million year-over-year, driven by increased engineering services for Fluor.

• General and administrative expenses surged to $609.8 million, primarily due to a $507.4 million Milestone Contribution under the PMA with ENTRA1.

• Net loss attributable to Class A common stockholders was $355.8 million, compared to $136.6 million in 2024.

Outlook and guidance

• Focus for 2026 is on commercialization and manufacturing readiness for SMR technology, with service revenues from ENTRA1/TVA projects expected to exceed RoPower revenues.

• Pre-EPC activities for RoPower in Romania to begin in Q2 2026, lasting up to 15 months.

• RoPower project advanced to the next phase following shareholder approval in February 2026.

• No formal guidance provided, but liquidity and capital position deemed sufficient for ongoing operations and project execution.